REDMOND, Calif. – The parent company of Olympic Boat Centers, which operates 21 dealerships in California, Washington and British Columbia, filed for bankruptcy protection late last week, according to articles on the Seattle Times Web site.
The filing, which enables the company to stay in business while it negotiates with its creditors, stated the assets of parent company OBC Holdings are between $10 million and $50 million, while its debts are between $50 million and $100 million, according to the report.
Olympic, which sells Bayliner, Maxum, Meridian and Trophy, is majority owned by The Riverside Co., a Cleveland-based private-equity firm, and Brunswick Corp. owns a 12 percent stake in that firm, according to the bankruptcy filing.
Rik Tokuno, Olympic's chief executive, is expected to issue a public statement today on the Chapter 11 filing.
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