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.
The decision to be overseen by an insolvency firm means that hundreds of small “crowd-fund” investors could lose their investments.
Moonen is purchased by an industrialist from Australia.
A company source said a serious investor has emerged as a potential buyer for the Dutch superyacht builder.
Moonen Yachts was owned by a Mexican steel company accused of money laundering.
Reports in a German newspaper say the deal is imminent
Premier Pontoons emerged from bankruptcy after a private lender, now the shareholder of the company, made the highest bid for the company.
Minnesota-based Premier Pontoons — Premier Marine Inc. — has emerged from Chapter 11 bankruptcy and plans to continue building pontoons and supplying products to its nationwide dealer network.
Company was forced to file for Chapter 11 reorganization after a 2011 acquisition went south
The company listed in a filing on Monday estimated liabilities between $10 million and $50 million.
Peter Johnstone, of the iconic boatbuilding clan, has a cheering section as he steers through a fiscal ‘perfect storm.'
Gunboat International filed for Chapter 11 bankruptcy protection on Wednesday.