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.

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

Australia’s Riviera goes into receivership

Riviera, Australia’s largest luxury boatbuilder, is in voluntary receivership. “The purpose of the receivership is to continue trading and to restructure the business in order to survive the current economic climate, while continuing to provide a high quality Australian product,” the company said in a statement. Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes…more

Two marine companies close up shop

Washington-based Palmer Marine and its sister company, Bladen Composites in North Carolina, have closed their doors. Both went out of business last month, according to reports. Both company’s Web sites were shut down, and a phone number for Palmer Marine was out of service. Reports said the economy is to blame for the closures. In…more

Arizona powerboat builder shuts down

Power Marine and Motor Sports Inc., the Lake Havasu City, Ariz.-based manufacturer of Magic Powerboats and Sleek Powerboats, closed its doors last week after 15 years in business. “We are not bankrupt, we are just closing our doors. …It is very hard,” owner Ron Moyes, told the News-Herald. He would not comment on why the…more

OBC Holding files for bankruptcy

OBC Holding Co., the parent company of Olympic Boat Centers in Redmond, Wash., has filed for Chapter 11 bankruptcy protection. The voluntary petition was filed last Thursday in U.S. Bankruptcy Court for the Central District of California. The filing will allow the company to continue operating while it reorganizes under the protection of the courts…more

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