Trustee appointed in Sealine Yachts America bankruptcy case

Fri Jun 28 2013, 09:36 AM

The court will hold a new hearing on the liquidation petition on July 12

A bankruptcy court judge overseeing the Sealine Yachts America case has appointed a trustee to handle the defunct company’s affairs. In May, three creditors filed an involuntary Chapter 7 liquidation bankruptcy petition against the US subsidiary of Sealine International. Sealine International was put into administration in the UK in April.

The US creditors had asked the court to appoint a trustee to oversee five new Sealines in two Florida marinas. The creditors argued that the boats, the US subsidiary's remaining assets, were "deteriorating".

GE Capital, which provided floorplan financing to Sealine, also asked the court for an automatic stay to halt the creditors’ efforts to collect on their debts. The finance company said in court documents that Sealine Yachts America owes it about US$1.2m for unpaid loans and fees.

The judge set a new hearing for July 12, but gave the trustee power to liquidate the assets.

Aurelius, a Europe-based private equity firm and owner of Germany’s Hanse Yachts, yesterday announced it had acquired the assets of Sealine International. Aurelius plans to sell off the UK production facility and build Sealine's 380 and 450 series with a contract manufacturer.