End of Crownline?

Paugus Bay Resident · 07-30-2009, 08:22 AM

Sad to see this. Always felt they made a great boat.

http://www.boating-industry.com/output.cfm?id=2241109

About a month ago there were reports of Rinker buying the Crownline assets. That fell through.

Then the former owner tried to put a deal together but that also failed. Now its auction time.

BroadHopper · 07-30-2009, 08:51 AM

There will be more brand names falling.

Stay tuned as the industry consolidate.

caloway · 07-30-2009, 09:44 AM

I love the Crownline boats--really nice fit. Would rather have seen another name fall.

jmen24 · 07-30-2009, 10:21 AM

Quote:

Originally Posted by caloway

I love the Crownline boats--really nice fit. Would rather have seen another name fall.

You are not kidding, I have been in talks on a 2007 Crownline that still has factory warranty, which is now not realistically servicable by the dealer (the boat warranty not the engine and drive). But on the other hand this now makes for a better price point. I would still buy the boat but it does raise a few questions other questions.

I have been watching this discussion on the Crownline site and they announced the fall through earlier this week. To bad to see but with 350M in dept and no cash it is a tough sell in this market. Will just have to pay attention to who buys the molds and how they use them.

caloway · 08-03-2009, 03:41 PM

Word on the street is that they will be bought-out still. Sounds like the auction notice is part of the process

http://teamcrownline.com

Kracken · 08-03-2009, 03:47 PM

I believe they are 340M in the hole, thats a poison pill for any prospective buyer. Most likely the assets will be auctioned off. I hope I am wrong.

caloway · 08-03-2009, 03:51 PM

If the assets aren't worth that, calling the debtor's bluff on liquidation can get you to an agreement on prepackaged bruptcy.

Kracken · 08-03-2009, 03:54 PM

Quote:

Originally Posted by caloway

If the assets aren't worth that, calling the debtor's bluff on liquidation can get you to an agreement on prepackaged bruptcy.

You are absolutely right.

Personally I don't think its a bluff. I hope they can reach an agreement. Every job counts.

LIforrelaxin · 08-04-2009, 10:07 AM

some may see this as a negative other's as a positive.... personally I was never impressed with Crownline, especially in there older boats they took short cuts, and the boats never lasted... but that aside, there have grown to be to many boat lines, a consolidation of the boating industry is in order..... As the number of boat lines has increased, so has the quality of workmanship.....as they have all tried to win bussiness by cutting costs...

Kracken · 08-11-2009, 01:22 PM

An auction that was scheduled to take place on August 7th in Chicago for the assets of Crownline Boats has been "postponed indefinitely," according to a spokeswoman at the law office of Proskauer Rose..

Kevin Riem has purchased Crownline with a group of investors and plans on re-open the company. A formal announcement will be coming later in the month.

Good news for Crownline owners.

jmen24 · 08-11-2009, 03:14 PM

I personally think that is great news and hope everything goes through.

07-30-2009, 08:22 AM	#1
Paugus Bay Resident Senior Member Join Date: Sep 2003 Location: Gilmanton, NH Posts: 754 Thanks: 136 Thanked 92 Times in 51 Posts	End of Crownline? Sad to see this. Always felt they made a great boat. http://www.boating-industry.com/output.cfm?id=2241109 About a month ago there were reports of Rinker buying the Crownline assets. That fell through. Then the former owner tried to put a deal together but that also failed. Now its auction time.

07-30-2009, 08:51 AM	#2
BroadHopper Senior Member Join Date: Oct 2004 Location: Laconia NH Posts: 5,509 Thanks: 3,116 Thanked 1,089 Times in 783 Posts	Genmar in bankruptcy There will be more brand names falling. Stay tuned as the industry consolidate. __________________ Someday may never be an actual day.

07-30-2009, 09:44 AM	#3
caloway Senior Member Join Date: Jul 2009 Location: exeter, nh Posts: 73 Thanks: 4 Thanked 10 Times in 8 Posts	That sucks I love the Crownline boats--really nice fit. Would rather have seen another name fall.

08-03-2009, 03:41 PM	#5
caloway Senior Member Join Date: Jul 2009 Location: exeter, nh Posts: 73 Thanks: 4 Thanked 10 Times in 8 Posts	Maybe not the end Word on the street is that they will be bought-out still. Sounds like the auction notice is part of the process http://teamcrownline.com

08-03-2009, 03:47 PM	#6
Kracken Senior Member Join Date: Jul 2009 Location: Alton Posts: 223 Thanks: 46 Thanked 130 Times in 50 Posts	would like to see it but... I believe they are 340M in the hole, thats a poison pill for any prospective buyer. Most likely the assets will be auctioned off. I hope I am wrong.

08-03-2009, 03:51 PM	#7
caloway Senior Member Join Date: Jul 2009 Location: exeter, nh Posts: 73 Thanks: 4 Thanked 10 Times in 8 Posts	auction If the assets aren't worth that, calling the debtor's bluff on liquidation can get you to an agreement on prepackaged bruptcy.

08-04-2009, 10:07 AM	#9
LIforrelaxin Senior Member Join Date: May 2006 Location: Long Island, not that one, the one on Winnipesaukee Posts: 2,821 Thanks: 1,014 Thanked 880 Times in 514 Posts	some may see this as a negative other's as a positive.... personally I was never impressed with Crownline, especially in there older boats they took short cuts, and the boats never lasted... but that aside, there have grown to be to many boat lines, a consolidation of the boating industry is in order..... As the number of boat lines has increased, so has the quality of workmanship.....as they have all tried to win bussiness by cutting costs... __________________ Life is about how much time you can spend relaxing... I do it on an island that isn't really an island.....

08-11-2009, 01:22 PM	#10
Kracken Senior Member Join Date: Jul 2009 Location: Alton Posts: 223 Thanks: 46 Thanked 130 Times in 50 Posts	New news An auction that was scheduled to take place on August 7th in Chicago for the assets of Crownline Boats has been "postponed indefinitely," according to a spokeswoman at the law office of Proskauer Rose.. Kevin Riem has purchased Crownline with a group of investors and plans on re-open the company. A formal announcement will be coming later in the month. Good news for Crownline owners.

The Following 2 Users Say Thank You to Kracken For This Useful Post:
jmen24 (08-11-2009), robmac (08-11-2009)

08-11-2009, 03:14 PM	#11
jmen24 Senior Member Join Date: Feb 2009 Posts: 1,139 Thanks: 223 Thanked 319 Times in 181 Posts	I personally think that is great news and hope everything goes through.

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