Crownline assets to be auctioned off next week - Trade Only Today

Crownline assets to be auctioned off next week

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A sale of Crownline Boats' assets is set for 10 a.m. Aug. 7 in Chicago.

According to the Chicago Tribune, the assets to be sold include, but are not limited to, all of Crownline's machinery, equipment, tooling, fixtures, molds, furniture, intellectual property, computer equipment, operating systems, accounts receivable, raw and finished goods inventory and customer information.

Last month, Nautic Global Group, the manufacturer of Rinker Boats and Godfrey Marine brands, entered into a non-binding letter of intent to acquire the assets of Crownline Boats.

"At this time, the actual purchase transaction has not been completed, and Nautic Global Group does not own Crownline," the company said in a statement last month. "We are working through a due diligence process with the sellers and our investors, which includes dialogue with the company and its dealer network."

A spokesman for Nautic Global Group could not be reached for comment this morning.

Crownline shut down production in December and had originally planned to reopen in March. In March, the company announced it was pushing back reopening until June.

However, last month the company announced it would not be reopening.

The sale of Crownline's assets will take place at the office of Proskauer Rose. Any party interested in bidding on these assets and/or reviewing the assets to be sold and the terms of the sale should contact George Shoup or John Wheeler of Development Specialists at (312) 263-4141.

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