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.

Premier Marine files for bankruptcy protection

Premier Marine, maker of Premier Pontoons, filed for Chapter 11 restructuring as a result of a “failed acquisition of another pontoon manufacturer in 2011,” said a motion filed Tuesday in U.S. Bankruptcy Court in Minnesota.

Gunboat CEO Peter Johnstone remains confident that the investment in the company’s G4 model, shown racing in the Les Voiles de St. Barths regatta, will eventually pay off.

Struggling to keep Gunboat afloat

Gunboat International filed for Chapter 11 bankruptcy protection in November after a series of challenges during the past two years, but owner Peter Johnstone says the company is operationally poised to rebound.

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

yachtpath0605

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

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