WASHINGTON, Mo. – Boat builder Challenger Powerboats, Inc. and its wholly-owned subsidiaries, IMAR Group, LLC and Marine Holdings, Inc., each filed voluntary petitions for relief under Chapter 7 of the United States Bankruptcy Code on April 25, according to an SEC form 8-K filed earlier this week.
The petitions were filed in the United States Bankruptcy Court for the Eastern District of Missouri, case numbers 08-42946-705, 08-42948-705 and 08-42950-705, respectively, the company reported.
Judge Rendlen has been assigned to the cases and the date jurisdiction was assumed is April 25. The bankruptcy trustee for all three entities is E. Rebecca Case and the date of her appointment is April 25, the form stated.
In connection with the filings, the company has ceased all business activity and operations.
“The company believes that its assets will be insufficient to satisfy the claims of all creditors and it is unlikely that the company's shareholders will be eligible to participate in any distributions of the company's assets as a result of the bankruptcy,” the SEC filing stated. “Upon liquidation, the company will cease operations and wind up its business.”
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