All Craft Marine, the parent company of luxury fishing boat manufacturer Century Boats, has recently filed for bankruptcy protection.
This decision came after the company accepted an offer to sell most of its assets to American Nautical Holdings, based in Fort Lauderdale, for $6 million, pending court approval.
It is worth noting that the bankruptcy filing under Chapter 11 was a voluntary action by the company.
According to the bankruptcy petition, All Craft Marine's assets are estimated to be between $1 million and $10 million, while its liabilities fall within the range of $10 million to $50 million.
All Craft Marine disclosed that it has between 50 and 99 creditors and stated in its bankruptcy petition that it does not anticipate having adequate assets to repay unsecured creditors.
Century Boats, which was founded in 1926 and is headquartered in Zephyrhills, Florida, offers a range of models from 22 to 32 feet in length, including center consoles, walk arounds, dual consoles, and expresses.
The company has a broad dealer network that extends across the nation and worldwide.
This news about All Craft Marine filing for bankruptcy was originally published on Marine Business's website.