Skip to main content

Premier Marine fills orders while in bankruptcy protection

Premier Marine, builder of Premier Pontoons, says its reorganization is on track.
Premier Marine is filling orders for new boats.

Premier Marine is filling orders for new boats.

Premier Marine, builder of Premier Pontoons, says its reorganization is on track and that it’s going into its dealer meeting, slated for August, with a solid backlog.

The company filed for Chapter 11 bankruptcy protection on June 19 in U.S. Bankruptcy Court in Minnesota, listing estimated liabilities of $10 million to $50 million owed to between 200 and 999 creditors, including more than $6.5 million owed to American Bank of the North. Premier cited a failed acquisition as the cause for the filing.

“With regard to the Chapter 11 filing we were granted the petition on June 22 to utilize the $2.5 million capital line and have been very busy buying the necessary parts to fulfill orders,” Premier president Lori Melbostad told Trade Only Today.

On July 11, the company received an official agreement, with regard to its operating budget, from the creditor committee, the company’s lender and its primary bank to continue using those funds through the end of October, Melbostad said.

“The timing of the October approval coincides with our next steps in the reorganization,” Melbostad said.

The company expects to confirm a reorganization plan with the support of its creditors between Nov. 1 and Dec. 31.

Read more about the Premier update in the August issue of Trade Only Today.

Related

1_HEESE_TRIGG

ABC 2022: That’s a Wrap

The American Boating Congress concluded Friday with an award presentation, discussions with representatives, a midterm election report from political analyst Charlie Cook, and a panel discussion about electrification.

1_GODFREYELKHART

Godfrey Breaks Ground on Expansion

The company said the additional manufacturing and warehouse space in Elkhart, Ind., will enable an increase in production.

1_HIGHFIELD

Highfield USA Hires New President

The RIB builder said Christophe Lavigne will help develop the brand and operations in North America.

9_BREAKFAST

ABC 2022: A Full Schedule

The second day of the American Boating Congress included awards presentations, Capitol Hill sessions with lawmakers, an economic report, a state-of-the-industry address and statements from NMMA lobbyists.

1_GASPRICES

Gas Prices Soar to Record Highs

Oil supply concerns have lifted the average U.S. price of regular unleaded gasoline to $4.432 per gallon, according to AAA.

1_SEARAYWOMEN

All-Women Team Designs New Sea Ray

Parent company Brunswick Corp. said the achievement highlights its successes in promoting diversity in the marine workforce.