Report: Fawcett Boat Supplies out of bankruptcyPosted on
Annapolis, Md.-based Fawcett Boat Supplies emerged from bankruptcy this month, The Capital (Md.) newspaper reports.
The companys reorganization plan was approved Sept. 10 by a bankruptcy court. The plan addresses 38 classes of creditors holding $5.6 million in claims against the company, according to the newspaper.
Under the reorganization plan, Fawcett has been recapitalized by Jammet Investment Associates, headed by investor Bernard Jammet and will be guided by its first board of directors.
To help grow revenue, the company also has reopened a Fawcett walk-in store. Additionally, the company has a deal with Richard Sadler, owner of Chesapeake Marine Fasteners, to sell inventory including nuts, bolts and screws at Fawcett’s second location.
The company also has become a dealer for Stevensville-based Zodiac inflatable boats.
Fawcett Boat Supplies filed for Chapter 11 bankruptcy in December 2007.The company has been a well-known business among locals and out-of-towners for boat supplies since 1948.