Power cat builder Twin Vee, of Fort Pierce, Fla., has filed for Chapter 11 bankruptcy protection.
The voluntary bankruptcy petition was filed after Twin Vee’s landlord took eviction proceedings against the boatbuilder, according to court documents. The landlord, Twin Vee founder Roger Dunshee, filed for eviction and distress action in the 19th Judicial Circuit in St. Lucie County, Fla. The judgment for eviction was entered Jan. 12.
The company’s board of directors voted that same day to file for bankruptcy protection in the Southern District of Florida. The filing was dated Feb. 9.
Court documents indicate Twin Vee has about $1.3 million in assets, which includes $114,341 in accounts receivable, $726,895 in machinery and equipment, $400,000 in inventory, and $98,827 in cash and various security deposits.
The company reported more than $1.7 million in liabilities, which includes $746,849 for creditors holding secured claims, $21,329 for creditors holding unsecured priority claims, and $985,236 for creditors holding unsecured non-priority claims.
The telephone number at Twin Vee’s plant in Fort Pierce has been disconnected. The company’s bankruptcy attorney, Jason Slatkin of Fort Lauderdale, was not immediately available for comment.
Twin Vee had shut down operations and laid off its production workers in December. At the time, CEO Scott Noble said the move was temporary and that the company would resume production Jan. 5. He said the lending community has inhibited sales by clamping down on floorplan and retail lending.
“We are tapering down the company so we can go into survival mode over the next few weeks,” Noble told Trade Only in early December.
Twin Vee was founded in 1994 by Dunshee, who sold the company in 2003 to Stonehenge Capital, a private investment firm. At the time, the company had about 100 employees. In January 2008, it had about 50 employees, but through attrition and layoffs, that number was down to around 10.
The Twin Vee line includes center console, express, pilothouse, “Sport Console” and fish/ski power catamarans from 19 to 36 feet, as well as a “Classics” line from 10 to 22 feet.
— Melanie Winters