MANATEE COUNTY, Fla. — Marine accessories maker Ameritex Technologies Inc. has filed for Chapter 11, according to a report in the Sarasota Herald Tribune.
Ameritex is attempting to sell the majority of its assets to Dowco Inc., which makes canvas and related products, for $2.65 million to satisfy its creditors, the paper reports. Ameritex reported $22 million in sales during 2008.
The company was hurt badly when two of its top customers, Crownline Boats and Genmar Group, ran into their own financial troubles are were forced to close plants, leaving Ameritex with a “significant amount of uncollectable receivables,” the Herald Tribune reports.
Genmar owns the Wellcraft brand, which shuttered its Manatee County plant — near where Ameritex is based — last year.
Ameritex said its primary lender, BB&T, reduced its credit line from $3 million to $1.67 million, which was not enough to pay for operations.
The company owes BB&T about $2.1 million and First Bank is owed $6.1 million. Its unsecured claims total about $2.4 million, according to the Tribune.