PONTOON BOAT BUILDER PREMIERE MARINE FILES FOR BANKRUPTCY
June 26, 2017
IBI recently reported that Premier Marine filed for Chapter 11 bankruptcy protection on Monday June 19, 2017. The Minnesota-based builder manufactures pontoon boats. The company said in its filings that its acquisition of the Palm Beach and Weeres pontoon brands in 2011 forced it to file for bankruptcy protection. It discontinued those brands in January of this year. Premier said in court documents that the Chapter 11 filing was done after a landlord sued to evict it from its manufacturing facilities.
A meeting of creditors is scheduled for July 20, 2017 at the US courthouse in Minneapolis.
The company said it obtained US$2.5m in loans to continue operations. The Chapter 11 was filed in response to an eviction action commenced by Hallberg for the nonpayment of rent, said the filing. “The Chapter 11 is necessary to attract a new equity partner, reject the Hallberg leases, consolidate manufacturing under a single roof and reorganize the business for the mutual benefit of the Debtor creditors, employees and dealer network.”
Premier asked the US bankruptcy court to allow it to pay warranty claims from its dealer network. The builder also requested that a financial consultancy firm called GuideSource be approved as it restructures the business.
