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.

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

Florida marina sold at foreclosure auction

The Paradise Marina in Sebastian, Fla., sold at a foreclosure auction Monday for $100 and is now in the hands of its original creditor. Potter Enterprises Partnership, owned by Terry Potter of Boise, Idaho, now owns the property. The total foreclosure judgment was more than $570,000, according to court records, TCPalm.com reports. “I live in…more

Pair of Florida marinas struggle

Two Florida marinas are the latest to fall victim to tough economic times. The Flagship Marina in Sebastian, Fla., has foreclosed in what is one of the largest commercial foreclosure amounts in the city this year, according to a local report by TCPalm. The owner, Damien Gilliams, also owns the Paradise Marina and the No…more

Madoff yachts will be auctioned off

National Liquidators will auction three vessels previously owned by Bernard Madoff at 4 p.m. Nov. 17 at its headquarters in Fort Lauderdale. The sale includes The Bull, a 55-foot 1969 Rybovich; Sitting Bull, a 38-foot 2003 Shelter Island Runabout; and Little Bull, a 23-foot 2000 Maverick Boat Company 2400 Center Console. A 2003 61-foot Viking…more

Dometic forms new ownership structure

Dometic Group reached an agreement regarding a new ownership structure and financing, the company said in a statement. Dometic’s majority owner, BC Partner, and a bank consortium led by Mizuho reached an agreement in which the consortium will be the principal owner with 70 percent of the shares. Dometic’s management and other key personnel will…more

Fiberglass Coatings exits Chapter 11

Fiberglass Coatings reports that it has successfully emerged from Chapter 11 bankruptcy proceedings and has resumed normal operations. “Fiberglass Coatings Inc. was able to restructure and exit Chapter 11 in one of the most challenging times our industry has ever faced, thanks to the hard work of our employees, support from our vendors and the…more

Whittley names administrators for restructuring

Deloitte partners Sal Algeri and Tim Norman were appointed as administrators of Australian boatbuilder Whittley Marine Group by the company’s directors. “The voluntary administration is part of the Whittley Marine Group’s global restructuring process,” managing director Neville Whittley said in a statement. “The Whittley family will be working with the administrators to ensure the quality…more

Kentucky dealership files for Chapter 11

Lake Cumberland Marine, a dealership in Somerset, Ky., has filed for bankruptcy protection. The company, which employs about 30 people, hopes to create a reorganization plan and emerge from Chapter 11 protection within a few months, controller Wesley Evans told the Lexington Herald-Leader. Evans said that over the next three to four months the company…more

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