OBC Holding files for bankruptcyPosted on
OBC Holding Co., the parent company of Olympic Boat Centers in Redmond, Wash., has filed for Chapter 11 bankruptcy protection.
The voluntary petition was filed last Thursday in U.S. Bankruptcy Court for the Central District of California. The filing will allow the company to continue operating while it reorganizes under the protection of the courts in an effort to pay off its creditors.
The dealership has 21 West Coast locations from San Diego to British Columbia, and sells several Brunswick Corp. boat brands, including Maxum, Meridian and Trophy boats. Brunswick spokesman Dan Kubera said the boatbuilder is following the case closely to ensure its customers will continue to be serviced in this area.
Brunswick intends to make sure the outcome will allow its brands to retain and increase their market-leading positions, Kubera told Soundings Trade Only in an e-mail this morning. We are confident our consumers and brands will end up with healthier West Coast service and distribution as a result of this process.
Brunswick owns a 12 percent stake in OBC Holdings Co., according to court documents.
Olympic Boat Centers has between $50 and $100 million in assets, and owes creditors between $50 and $100 million, according to the bankruptcy petition.
Other affiliates that filed for protection are Olympic Boat Centers Canada Ltd., also in Redmond, and Marine Center in Canoga Park, Calif. Both listed assets and debts as much as $100 million.