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.

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

IntraLinks says bankruptcies, restructuring on the rise

IntraLinks, a provider of critical information exchange solutions, saw overall bankruptcy and restructuring activity increase 329 percent in the first half of 2009 compared to the previous year. “Companies in distress and their advisors face huge pressures to move forward quickly and accurately considering the current trends in restructuring,” said Matt Porzio, vice president of…more

Ferretti completes debt restructuring

Ferretti S.p.A., the Italy-based boatbuilder, finalized its debt restructuring and appointed a new board of directors. With the restructuring, Ferretti expects to reduce its long-term debt, from about 1.1 billion euros to around 550 million euros; increase capital by 85 million euros; further medium-term credit facilities to fund working capital requirements totaling 65 million euros;…more

Sumerset Houseboats to shut down through November

Sumerset Houseboats announced an extended production shutdown, which is expected to last more than three months. Company president and CEO Steve Lochmueller says Sumerset’s annual summer shutdown will occur two weeks later than regularly scheduled, beginning July 17, and is expected to last through Nov. 1. “Sumerset Houseboats is taking this proactive step to avoid…more

Grand Craft freezes operations

Holland, Mich.-boatbuilder Grand Craft has shut down operations. The company specializes in classic, high-end wooden boats, but with the plant shut down indefinitely and about 20 employees apparently out of work, the future of the company is in jeopardy, according to an article in the Holland Sentinel. Grand Craft was founded by Steve Northuis in…more

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