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.

Customers accuse Florida boat-transport company of fraud

Customers say a Florida boat transport company that filed for bankruptcy continued to take thousands of dollars to transport boats it never moved. That’s according to a report in the Tampa Bay Times that said customers around the country had been bilked out of thousands of dollars by Lutz-based Able Boat Transport. One California couple…more

Swedish boatbuilder files for bankruptcy

Swedish boatbuilder Nimbus, a favorite of the European cruising fraternity, filed for bankruptcy, citing pressure from lenders as well as the overall financial climate. “After trying everything to find a solution to our challenging situation, this is a sad moment,” Nimbus chief executive Magnus Andersson told U.K.-based Motor Boats Monthly. “I think that we did…more

Boat-repo company files for bankruptcy

T&G Boat Sales and Recovery LLC filed for Chapter 7 bankruptcy protection in New Jersey, according to court documents filed on March 8. The company, located in Edgewater Park, N.J., lists between $0 and $50,000 in assets and as much as $500,000 in estimated liabilities. Other names the business has used in the last eight…more

Indiana builder and dealer files for liquidation

Kentuckiana Yacht Sales, of Jeffersonville, Ind., and its related manufacturing company, Jefferson Yachts Inc., filed for liquidation under Chapter 7 of the bankruptcy code in U.S. Bankruptcy Court in the Southern District of Indiana. In court documents filed Jan. 23, Kentuckiana Yacht Sales lists about $221,000 in assets and more than $1.75 million in liabilities.…more

Miami marine retailer exits bankruptcy

Miami-based marine retailer B&F Marine is exiting bankruptcy protection after restructuring its debt. Family-owned B&F Marine, which once had four stores, now has one location and 13 employees. Its mortgage was split into three loans, with only one requiring monthly payments and the others due at maturity, the South Florida Business Journal reported. B&F Marine…more

Powerquest Boats holds liquidation auction

Michigan’s Powerquest Boats is liquidating by order of a secured creditor, the company announced, with all assets, remaining equipment and boat molds to be sold to the highest bidder via online auction. “Powerquest is just one more well-known Michigan company that has been the victim of a sluggish economy,” according to a statement. “Powerquest boats…more

Northwest boat dealer will shut its doors

Washington Water Sports, a boat dealership in Liberty Lake, Wash., said it will close its doors later this month after four years in business. The dealership carries the MasterCraft line of boats and was called MasterCraft Inland Northwest until it added three other boat lines — Supra, Moomba, and Centurion — to its inventory last…more

Court approves sale of Windstar Cruises

Ambassadors International announced that the U.S. Bankruptcy Court in Delaware approved the sale of substantially all of Ambassadors’ assets, including its principal operating unit, Windstar Cruises, to TAC Cruise LLC, an affiliate of Xanterra Holding Corp. The sale is expected to close next week. During a court-supervised competitive bidding process, TAC Cruise submitted a winning…more

Florida marina fails to sell at auction

Gulf Coast Community Bank has taken over the Pensacola Beach Marina after the Florida Panhandle property was not sold Tuesday in an auction. The highest bid, $1.2 million, fell short of the $2.8 million owed on the property. Click here for the full report.

Liquidation sale set for nautical store

The Inland Waterway Provision Co., in Oriental, N.C., a popular chandlery among cruisers on the Intracoastal Waterway, is reopening, but only in the month of April for a liquidation sale that will offer discounts of as much as 50 percent, said Mark Henley, who bought the chandlery’s stock from the bank that had taken it…more

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