Ritdog, I think gave you some good information. I have done this repair on many different boats and it is all preventable if the boat owner would only regularly caulk the slot around the chain plate that goes through the deck and fastens to the bulkhead. You need to pull the chain plate, remove the bad bulkhead and use it as a template for the new material. Use a marine plywood, because it has waterproof glue for its laminations. Even exterior plywood used in house construction does not have waterproof glue. You can repair the deck before you put in the bulkhead in case there is some underside work to be done. Instead of coring the deck, repair it with solid fiberglass in that area so that the next time moisture will not deteriorate the wooden core material. Take some good measurements so you know exactly where the slot is to be drilled or cut after your repair is complete. Obviously you don't want to pit the chain plate in a different location as that might compromise the distance for the mast shrouds. When tabbing in the new bulkhead, you should gut away the vernier where you will fiberglass the tape between the hull and the bulkhead. It is not a good idea to fiberglass over the vernier. If you do not have the skills or the patience to do such work (and have a lot of money lying around), then hire a professional to do the work. And, then, after the work is done, keep up with the caulking of the chain plate. Don't forget to check the starboard side too so you can avoid having to replace that bulkhead later on.