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.

Well-known R.I. nautical bookstore will close in April

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

California marina files for bankruptcy

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 seeks U.S. bankruptcy protection

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

Alabama marina set for foreclosure sale

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

Houseboat builder’s equipment auctioned

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

Boats aren’t needed after lake disappears

The owner of a boat and RV dealership in Manchester, Iowa, is organizing a boat auction for Lake Dehli boaters looking to sell their vessels after the emptying of the 9-mile lake. The Lake Delhi dam failed July 24, causing a breach that drained the lake. Iowa Gov. Chet Culver and others acknowledged this week…more

Florida marina faces foreclosure

The company that operates the River Bend Marine Center in Fort Lauderdale was named last week in a foreclosure action. New Orleans-based Iberiabank filed the action last Wednesday against Palm Beach Marina Holding Corp. concerning a leasehold mortgage on the six-acre marina, the South Florida Business Journal reports. The $13.5 million mortgage was created in…more

Going, going, gone: $3.25 million for 112-foot yacht

Indicted financier R. Allen Stanford’s 112-foot yacht was sold for $3.25 million to an unidentified bidder following a two-month online auction. The Sea Eagle was listed for sale March 11 by Ardell Yacht & Ship Brokers of Fort Lauderdale, with an opening bid of $2.5 million, over Stanford’s objections. His lawyers said a court-appointed receiver…more

Auction set for seized, forfeited vessels

VSE Corporation and Rick Levin & Associates Inc., both based in Chicago, will conduct a specialty auction June 3 of seized and forfeited luxury vessels and vehicles. The auction will be conducted on behalf of the U.S. Department of the Treasury at 11 a.m. at the Broward Country Convention Center in Fort Lauderdale. The vessels…more

Riviera yachts taken off the block

Australia’s Riviera announced the company’s secured debt holders have elected to formerly withdraw the business from the sale process, electing to continue to rebuild the business. “Over the last eleven months our bankers have been impressed with our performance despite the prevailing market conditions and the positive gains made as a direct result of the…more

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