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.

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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

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

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