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Specializing in insolvency and complex commercial matters since 1974

Firm Files Chapter 11 Petition for Barker Boatworks, LLC – April 5, 2019

On April 5, 2019, the firm filed a Chapter 11 petition for Barker Boatworks, LLC, a custom boatbuilder headquartered in Sarasota, Florida. Shortly after the Chapter 11 filing, the Debtor obtained a $1.5 million debtor in possession loan to purchase materials necessary to complete five (5) boats, which are at various stages of completion, to cover other operating expenses, including payroll, insurance, and rent, and the Carve-Out Expenses. The Debtor has determined that it would be in the best interests of its creditors and the estate to maximize value through a sale of substantially all of its assets pursuant to Section 363 of the Bankruptcy Code. On April 29, 2019, the Debtor and Strike Force Seven LLC entered into an Asset Purchase Agreement, pursuant to which the Debtor agreed to sell to SFS, and SFS agreed to purchase from the Debtor, substantially all the Debtor’s assets pursuant to Sections 363 and 365 of the Bankruptcy Code free and clear of any and all Liens, Claims, and Encumbrances, excepting certain Assumed Liabilities and the Permitted Liens. A hearing to consider approval of the sale is scheduled for June 12, 2019, at 10:30 a.m. along with confirmation of the Debtor’s proposed liquidating plan.