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.
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
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.
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
Thirty-seven boat slips at Harbour Pointe Marina in Carolina Beach, N.C., will be sold next month at a public auction. The local financial institution that ordered the auction has contracted with the Iron Horse Auction Co. to conduct it. Eight slips will sell, regardless of price, with the balance selling subject to the owner’s confirmation.…more
Sheldon Good & Co. will conduct an April 14 auction of 140 condominium boat slips within the Port of the Islands Marina in Naples, Fla. Offered together in bulk, the 140 slips, of which 52 are liveaboards, are guaranteed to sell at or above $1.96 million. “The owner of the adjacent Port of the Islands…more
After 32 years of serving the book and charting needs of the boating community in Newport, R.I., and around the world, Armchair Sailor Bookstore announced it will be closing its doors at the end of April. “Times have changed and the past few years been very difficult for independent specialty bookstore retailers,” said John Mann,…more
The owner of Big Break Marina in Oakley, Calif., recently filed for bankruptcy protection. Despite the filing, Dave Biron said he does not plan to sell the marina, but plans to expand. He did not offer details about the expansion, The Contra Costa Times reported. “Like General Motors, we will be restructuring construction debt,” he…more
Riviera Marine (Int.) Pty Ltd., part of a group of Australian companies that manufacture and sell luxury boats, is seeking bankruptcy protection in the U.S. Riviera CEO John Anderson said in a statement that the filing is not a new proceeding, but “merely a request that the U.S. courts recognize the [Deed of Company Arrangement]…more
A portion of a southern Alabama marina and resort is being sold by Regions Bank, which is advertising a foreclosure sale for Sept. 13. Birmingham-based Regions Bank is advertising the sale of 80 percent of Orange-Beach-based The Wharf’s acreage. The notices indicate that the marina, which includes 190 slips and a commercial building that encompasses…more
Sumerset Houseboats has closed, and an auction was held late last month for equipment and fixtures at the company’s Somerset, Ky., headquarters, the auction company and the company’s bank confirmed this morning to Soundings Trade Only. Jery Claunch, an executive vice president with Citizens National Bank, which was the company’s lender, said Sumerset ceased operations…more