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Buyer sought for Challenger Powerboats

Challenger Powerboats, which shut down and filed for bankruptcy in April 2008, is for sale.

Challenger Powerboats, the parent company for Challenger boats, also manufactured Gekko towboats and Sugar Sand jet boats. Following its closure, Gekko founder Mark Overbye regained ownership of Gekko and Challenger.

"This is an excellent opportunity for another builder to expand their line with an excellent collection of timely products that has won great reviews and enjoyed a solid market position," Overbye said in announcing the sale. "Challenger spent millions on these boats, there are new master plugs, fresh molds and the technology story is a good one.

"There's no better way to grow an opportunity than this and I'll consider all offers," he added.

When Washington, Mo.-based Challenger Powerboats, and its wholly-owned subsidiaries IMRA Group and Marine Holdings, filed for bankruptcy, it said in court filings it would be unable to pay its creditors.

"The company believes that its assets will be insufficient to satisfy the claims of all creditors and it is unlikely that the company's shareholders will be eligible to participate in any distribution of the company's assets as a result of the bankruptcy," according to court documents.

For information on acquiring Challenger, Overbye can be reached at (952) 445-5445 or mark@77ir.com.

Click here for the full release.

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