Kentucky dealership files for Chapter 11

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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 hopes to establish a way to broker excess inventory as part of the reorganization. According to court documents, the dealership has between $10 million and $50 million in estimated assets and between $10 million and $50 million in estimated liabilities.

The dealership sells Fountain and Cobalt boats, among others, according to information on its Web site.

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