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.
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 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
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
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
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
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 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