Doral Files For Bankruptcy, Again
May 4, 2012
For the second time in two years, boat-builder Doral International has filed for bankruptcy. According to an article in La Presse, owner Denis Poliseno filed after rejecting an offer from Investissement Québec. Poliseno had taken out a $2 million start-up loan from the provincial investment corporation after he bought the firm’s assets in a 2010 bankruptcy.
The bankruptcy buys the firm 30 days to seek out new partners or even a purchaser.
“We have already identified potential industry players,” says Jean Gagnon, a spokesperson for Raymond Chabot Grant Thornton, the firm handling the bankruptcy and potential restructuring. “We’re having discussions and hoping that someone will be able to restart the business.”
Gagnon notes that the firm has clients waiting for delivery, as well as orders on hand.
Just a year ago, employees were celebrating the company’s start-up, made possible by the Investissement Québec loan. Now employees are waiting to find out whether they’ll still have jobs.
