Bankruptcies and Restructuring

Bankruptcies and reorganizations force change on the marine industry as companies react to difficulties in the economy or their market by leaving recreational boating or shifting to a new and different role.

Financial-regulation poll reveals partisan split

Nearly two-thirds of voters think the stock market is rigged against them and a majority believe Wall Street and big banks hurt average Americans, according to poll results from a pro-regulation group.

OceanLED announces restructuring

The management of OceanLED’s marine division bought out the assets of the marine business and secured investor funding to continue to build the U.K.-based underwater lighting company.

Bids taken for Sealine yachts in liquidation

Six Sealine yachts are being liquidated after the company was forced into Chapter 7 bankruptcy and effectively abandoned the vessels, documents filed in U.S. Bankruptcy Court show. The six yachts have a total dealer cost of $4,963,830 and an MSRP of $6,958,719. Current offers on the vessels total $2,720,000, court documents show. On Tuesday, the…more

Exide Technologies files for bankruptcy protection

Exide Technologies, which makes batteries for industries that include marine, filed for Chapter 11 bankruptcy protection Monday in a Delaware federal court. The company said it had $1.9 billion in assets and $1.1 billion in liabilities, court documents showed. “In recent years a number of factors have contributed to a decline in Exide’s earnings and…more

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Court ruling leads to Yacht Path International shutdown

A U.S. Bankruptcy Court judge in Florida denied a trustee’s emergency motion requesting that Yacht Path International be allowed to use cash collateral to continue operations, according to court documents, resulting in the company’s shutdown. On Friday, Judge Paul G. Hyman Jr. denied the request the trustee filed last week on behalf of the Fort…more

Trustee named for Yacht Path International

Yacht Path International, a Fort Lauderdale-based yacht transport service plagued by allegations that it took money for yachts that were never shipped or did not pay the freight costs after the yachts shipped, consented to have a trustee run its businesses to settle claims “amicably” and avoid incurring additional litigation expenses. Documents filed Wednesday in…more

Hearing set on Yacht Path trustee appointment

A U.S. Bankruptcy Court judge this week set a hearing to determine whether a trustee will be appointed to run Yacht Path International, a Fort Lauderdale-based yacht transport service beleaguered by allegations that it took money for yachts that were never shipped or did not pay the freight costs after the yachts shipped, forcing customers…more

Yacht Path International files for bankruptcy protection

Yacht Path International, a Fort Lauderdale-based yacht transport service, filed for Chapter 11 reorganization March 20 in U.S. Bankruptcy Court in West Palm Beach, Fla. “It unfortunately was necessary due to an adverse ruling in a lawsuit that eventually resulted in a writ of garnishment being placed on Yacht Path’s bank accounts, restricting our access…more

Nautica bankruptcy auction scheduled

The bankruptcy of Fort Lauderdale-based boatbuilder Nautica International includes an auction of its equipment in Hollywood, Fla., on Oct. 24. The auction features forklifts, office furniture and molds that were used to make Nautica’s RIBs. The molds are being sold in one bulk package, according to the South Florida Business Journal. Nautica was pushed into…more

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