Luxury boat maker in bankruptcy process

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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Solving financial problems through debt negotiation

Some individuals in Fayetteville who are facing the stress of financial hardships may be hesitant to file for bankruptcy as they feel this is an extreme options. While bankruptcy can significantly reduce the amount of frustration associated with money problems, another options for some may be debt negotiation. Through this process, individuals may be able to come to new terms with their creditors in order to reach a new payment plan.

While some companies offer debt negotiation services, a bankruptcy lawyer like the ones at the Bradford Law Offices, PLLC can help ensure that your best interests are a priority in the negotiation process. Through debt negotiation, our attorneys may be able to help you:

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If you live in the Fayetteville area and are dealing with financial hardships or overwhelming debt, call our legal team at the Bradford Law Offices, PLLC by calling (919) 758-8879 today.