Massachusetts-based Boston Boatworks has filed for Chapter 11 bankruptcy protection.
The manufacturer of high-performance yachts and luxury boats, was co-founded in 1996 by Mark Lindsay and Scott Smith and since then has built around 360 vessels.
These include custom yachts and specialized boats for various clients including MJM Yachts and Barton & Gray Mariners Club.
In 2021 and 2022, MJM Yachts transferred the bulk of its builds from Boston Boatworks where it subcontracte to North Carolina.
At the time MJM said it had a strong relationship with co-founder Mark Lindsay but with his death and the personal connection ending and the fact Boston Boatworks could only turn out 20 to 30 boats a year it was time to end the partnership.
Boston Boatworks uses the latest advanced composite materials and methods with its high-strength construction techniques at the heart of its boatbuilding integrating composite engineering, high-strength construction, and craftsmanship.
Ocean crossings
Vessels built are designed to be suitable for ocean crossings.
The company is continuing to maintain its operations while seeking to restructure its operations through the bankruptcy process.
The bankruptcy petition indicates Boston Boatworks does not expect there will be sufficient assets in the estate to make a payment to the unsecured creditors.
The petition shows assets in the range of $1,000 million – $10,000 million with liabilities in the range of $1,000 million – $10, 000 million.
The boatbuilder reports that the number of creditors is in the range of 100-199.
Recent projects include the BB44 and BB52 yacht models, as well as the Barton & Gray Daychaser 48 in partnership with Barton & Gray Mariners Club.
