Luxury boat maker in bankruptcy process
Posted on Tuesday, January 26th, 2016 at 5:02 pm
The luxury catamaran manufacturer in North Carolina that sought bankruptcy protection in November 2015 is expected to be sold in an auction, The Virginian-Pilot reported on January 20.
Reports said Gunboat International is scheduled to be auctioned in Raleigh this coming April. Bankruptcy papers revealed that the manufacturer of luxurious two-hull sailboats has a total of $15.6 million in debts owed to over one hundred creditors. Gunboat listed its assets at $1.1 million.
The company, which has been operating for fifteen years, filed for bankruptcy due to the expensive cost associated with building their huge catamaran sailboats as well as loss of profits due to defective work done by one of their manufacturers, over which Gunboat reportedly pursued legal action. Details of the auction of Gunboat will be available for potential investors in February.
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