Post Marine files for Chapter 7 bankruptcy

Publish date:
Social count:

Boatbuilder Post Marine Co., of Mays Landing, N.J., filed last month for Chapter 7 bankruptcy.

Post Marine, which had been building yachts since 1957, has $5.4 million in liabilities, according to documents filed March 18 in U.S. Bankruptcy Court in New Jersey, The Press of Atlantic City reported.

Meanwhile, the boatbuilder has $1.4 million in assets, and its most valuable asset is the $1.2 million property at 100 Post Road, bankruptcy documents say.

The documents also show that the company has about $150,000 worth of boatbuilding machines, equipment and materials.

The property is shuttered and a chain-link gate at the entrance is locked, the newspaper reported. Post Marine CEO William Schell declined to comment to the newspaper about the bankruptcy filing.

Post Marine was a party to a federal lawsuit against a company that made a gelcoat that was used as a finish and protective barrier for the outer layer of boats.

Post Marine, which had partnered with the Viking Yacht Co., of Bass River Township, N.J., in that lawsuit, lost the case against Composites One LLC, federal court records show.

The records say the boatbuilders sought damages, alleging that the gelcoat finish was prone to cracking.

The U.S. District Court of Appeals for the Third Circuit denied an appeal last year.

Click here for the full article.


Yamaha sponsors Jacksonville show

Yamaha has signed on as the presenting sponsor of the Jacksonville In-Water Boat Show that runs April 13 -15 at Metropolitan Park and Marina in Jacksonville, Fla.

Volvo Penta announces contest

Volvo Penta of the Americas is asking new engine owners to submit stories to its inaugural Boating Dreams contest and will award the winner with a Chevrolet Silverado pickup.

MIASF volunteers collect 32 tons of trash

The Marine Industries Association of South Florida and the Marine Industry Cares Foundation, organizers of the 41st Annual Broward County Waterway Cleanup held on March 3, collected 32 tons of trash from 31 sites around the county.