Z Marine North America is stressing its independence from French-based Z Marine, which went into receivership earlier this month.
The company sent a statement underscoring its operation as a separate entity on Wednesday.
“On April 2nd, 2015, the French Nanterre Commercial Court granted time and a receiver to French-based Z Marine to continue their turnaround proceedings that began last year,” the company said in a statement. “The company will continue to operate, as well as institute necessary changes to reverse accumulated debt and pursue restructuring procedures.”
“Z Marine North America is a separate business and financial entity — based here in the United States — and is operated independently from French-based Z Marine,” Z Marine North America president Gary Durna said in a statement. “We want to stress this to our North American customers, dealers, partners, vendors, media and marine industry as a whole.”
“In other words, it’s business as usual for us here at Z Marine North America and our dealers/partners,” Durnan added. “We continue to operate independently from the French-based company, just as we did before the April 2nd French court decision, and our North American company remains financially sound. And any and all Z Marine North America product warranties will remain covered by Z Marine North America.”
Z Marine North America said it receives no financial support from the separate French-based Z Marine.
Although there are some products ordered from Z Marine in France, 80 to 85 percent of the parts and products that are used to manufacture Z Marine North America’s stable of products are purchased in the United States, Z Marine North America said.
“We want to assure our customers, dealers and the entire North American marine industry that we’ll continue to provide the utmost in products and service for all involved,” Durnan said. “We view ourselves as an important asset within the marine industry, we pride ourselves on making sound financial decisions and we look forward to continually strengthening our relationships moving forward with all of those we work with, who represent us and who purchase our products.”