Skip to main content

Canada boat company goes into receivership

Waterway Houseboats owed $9.9 million (C$13 million) to creditors before it went into receivership last month. The Canadian builder said in June that it would probably have to suspend operations and its lead creditor, CIBC Bank, petitioned for it to be placed into receivership in the British Columbia Supreme Court.

The creditors’ list includes more than 700 creditors, according to a story in the Kelowna Cap News. It included national banks, utility companies, local contractors and individuals. CIBC was the largest creditor and was owed (C$7.9 million), according to the list. A number of families lost money on houseboat trips that they had booked earlier.

The company told the paper that it had never recovered its footing after it was hit by floods in 2012. It sued local officials for negligence, blaming the flooding on government irresponsibility and forestry activity in the area. A court in British Columbia finally awarded the company $1.5 million (C$2 million) in April.

The owners said in a statement that “sadly” that amount wasn’t enough to recoup their losses. 



Limestone Secures Financing for Expansion

The company said the $6 million in credit will be used to improve its Tennessee manufacturing facility and buy new equipment.


Mastry Marine Names Repower Center

St. Augustine, Fla.-based McKenzie Marine is the engine distributor’s latest designated Suzuki Repower Center.


Vanderbilt Ships First Pontoon

The company said the 700T Series was the first model shipped from its new Fort Wayne, Ind., factory and was delivered to The Marina in Angola, Ind.


NMMA Celebrates CHIPS Act

The legislation aims to return semiconductor manufacturing to the U.S. and allows businesses to deduct R&D costs in the same year they are incurred.


Cox Marine Hires Sales and Support Staff

The diesel outboard builder this week brought aboard a new regional sales director, regional sales manager and an aftersales manager.


Boating Interests Lose Wind Farm Battle

The Ohio Supreme Court has ruled that a proposed wind farm off the Cleveland, Oh., waterfront meets planning requirements.


July Inflation Data Lags June

Consumer Price Index results may indicate that inflation has peaked, and Producer Price Index data was below market expectations.


Yamaha Posts Higher Sales, Profit

The company’s first half 2022 net sales increased to $1.93 billion, and segment income rose to $330 million.