All Craft Marine, holding company of luxury fishing boat manufacturer Century Boats, has filed for bankruptcy protection.
The company sought bankruptcy protections after accepting an offer to sell substantially all of its assets to Fort Lauderdale-based American Nautical Holdings for $6 million, pending court approval.
The Chapter 11 bankruptcy is a voluntary filing.
The bankruptcy petition for All Craft Marine showed assets in the range of $1MM – $10MM with liabilities in the range of $10MM – $50MM.
All Craft Marine reports that the number of creditors is in the range of 50-99 and indicated on its bankruptcy petition that it does not expect there will be sufficient assets in the estate to make a payment to the unsecured creditors.
Century Boats was established in 1926 and operates out of Zephyrhills, Florida.
Models range from 22 to 32ft in length and include center consoles, walk arounds, dual consoles and expresses.
The boatbuilder’s dealer network spans nationwide and around the globe.
