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.

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

Pacific Northwest builder reduces work force

Townsend Bay Marine, a Port Townsend, Wash.-based boatbuilding and repair facility, has laid off 40 workers after finishing a 127-footer and with no more building projects lined up. The company has been the largest boatbuilder in Port Townsend’s Boat Haven Industrial Park, the Peninsula Daily News reports. Earlier this month, it completed the 127-foot luxury…more

Northeast Boating ceases publishing

Northeast Boating magazine, formerly titled Offshore, will cease publishing with the December/January issue, the publication announced. “The economic ‘perfect storm’ that has affected so many of you has proved too long and too deep for our magazine,” publisher Dick Royer said in a statement. In an agreement, Soundings magazine will automatically fulfill the remainder of the…more

Intercoastal files for Chapter 7 bankruptcy

Intercoastal Inc., distributors of Apex Inflatable Boats, filed for Chapter 7 bankruptcy protection in U.S. Bankruptcy Court in Maryland. Additionally, two of the principals of the company – Georges and Roger Dherlin – filed for Chapter 7 bankruptcy as well. According to court documents, the filings took place Dec. 31. Annapolis, Md.-based Intercoastal has less…more

Longtime retailer closing a store

Staff Jennings Boating Centers is closing its Eugene, Ore., store after 52 years in business. The company’s Portland, Ore., store will remain open. The Eugene store, which opened in 1958, began liquidating its inventory Tuesday and will close its doors Saturday, The Register-Guard newspaper reports. The store has made cutbacks during the last year. Ten…more

Florida marina site faces foreclosure lawsuit

A marina site along the Miami River is the target of a $13.8 million foreclosure lawsuit. Miami-based Bridgeloan Investors filed the foreclosure action Dec. 24 against Miami River Park Marina, Brickell Village One, 2147 SW 8th Street LLC, and managing member Charles Tavares, according to Miami-Dade County Circuit Court records, the South Florida Business Journal…more

Marina developer files for bankruptcy protection

Foxland Harbor Marina LLC filed Dec. 31 for Chapter 11 bankruptcy protection in U.S. bankruptcy court in Nashville, Tenn. The group had planned to develop a marina off Old Hickory Lake in Gallatin, according to a report in The Tennessean. The group is seeking approval from the Army Corps of Engineers to build a full-service…more

Seattle boatyard closes shop

Seattle’s Lake Union Yacht Center closed Nov. 30, following a 60 percent drop in business. Just two years ago the company had moved to a new location, with a facility double the size of the old one, and owner Geo Tamblyn knew he would have to increase business by 20 to 30 percent to cover…more

Longtime N.C. dealership closes shop

A North Carolina boat dealership, which was in business 40 years, recently closed its doors. Crocker’s Marine, a Grady-White and Parker dealership, “closed permanently” Oct. 29, according to a message on the company’s answering machine. Neighboring dealer Joel Romig, of SaltWater Marine, said he knew business would be slowing down, but he didn’t think it…more

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