Inflatable distributor files for bankruptcy
ANNAPOLIS, Md. — On Dec. 31, Intercoastal Inc., which distributes APEX Inflatable Boats, filed for Chapter 7 bankruptcy, according to court documents. Two of the principles of the company, Georges Dherlin and Roger Dherlin, filed for Chapter 7 as well.
The filings come after years of litigation between Intercoastal and Armco Manufacturing Inc. Armco alleges that it sent manufacturing equipment to Intercoastal’s Costa Rican plant in 2006 as part of a deal to have Intercoastal produce products for Armco, but Intercoastal never produced the agreed upon products.
Because of Intercoastal’s bankruptcy filing, awards against the company have been stayed by the court, but Armco was awarded damages against Intercoastal’s Costa Rican manufacturing plant, America’s Yate de Costa Rica, of $916,696 on Jan. 14.
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