Gunboat International filed for Chapter 11 banktruptcy protection on Wednesday after a series of challenges in the past two years, but owner Peter Johnstone says the company is operationally poised to rebound.
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.
British sailboat builder Southerly Yachts had accrued debts of more than 800,000 pounds, or $1.3 million, when it went into liquidation at the end of last month.
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.
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.
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, 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
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
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
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, 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