Post Marine Company, a yacht manufacturing company based out of Mays Landing, New Jersey, claimed $5.4 million in debt, and only $1.4 million worth of assets during a recent appearance in bankruptcy court. The company filed for Chapter 7 bankruptcy and will soon be pursuing liquidation.
According to recent reports, the Post Marine Company, which was founded in 1957, joined forces with Viking Yacht Company and filed a legal suit against Composite One LLC. Composite One LLC is a company that manufacturers a type of protective coating for boat hulls. Sources indicate That Post Marine and Viking Yacht Company lost their legal suit.
At the time that Post Marine Company, New Jersey filed for Chapter 7, the organization employed a total of 85 people. According to reports by PressofAtlanticCity.com, Post Marine also owns an additional $150,000 worth of boat manufacturing equipment. Prior to the liquidation process, the company’s many buildings and workshops will be sold.
Following Chapter 7 bankruptcy, a company’s assets are usually liquidated and divided among the company’s creditors. As is true for most any bankruptcy filing, a majority of those creditors must agree to accept a portion of the divided assets.
BankruptcyHome.com, New Jersey boat manufacturer files for Chapter 7, Eric Sanderson, 13 Apr, 2011