Challenger Powerboats Files for Bankruptcy

[Chris]

Another one bites the dust.

Challenger Powerboats Inc. has filed for bankruptcy protection and is expected to cease operations.

Full link to article below.

http://www.boating-industry.com/output.cfm?id=1597033

[Cooperider]

Doesn't IMAR own some other companys too?

[Cooperider]

I thought they did.

Sugar Sand.

http://www.sugarsand.com/company.html

Does that mean Sugar Sand is done?

[Blizz]

They (Challenger) also owned Gekko and just finished a new luxury boat that collaberated with Pinifarina on.

[Chris]

The article says...

"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."

So I would gather any subsidiaries are toast. If they were completely separate, then maybe they're still up and functioning.

[JUPITER PULSARE]

It's a shame! So many high performance boat builders have gone by the wayside through the years. It's a tough business to be in when the demographic of the buyer is so narrow focused, money is tight, and gas so expensive. I guess Challanger will join Powerplay, Aerotech, American Offshore, Signature, Jaws, Scorpion, Aronow, Excaliber, etc. etc. :(

[Chris]

It's a shame! So many high performance boat builders have gone by the wayside through the years. It's a tough business to be in when the demographic of the buyer is so narrow focused, money is tight, and gas so expensive. I guess Challanger will join Powerplay, Aerotech, American Offshore, Signature, Jaws, Scorpion, Aronow, Excaliber, etc. etc. :(It sucks!

I guess the majority of the market is buying mass-produced hulls and that leaves just a small and seemingly ever shrinking market for the rest of the builders. :(

[JUPITER PULSARE]

What makes it even worse is the price of a new sub 21' high performance boat/motor!! Who has $30-$40 grand lying around for a NEW 21' Checkmate Pulsare, 20' Hydrostream Venom, 22' Progression, 21' Xtreme, 20' Allison SS, STV, Mirage, Liberator, etc. etc. etc. That's a big chunk of coin for small boats and......I understand the cost of building these boats after spending quite a bit of time in the industry but it's still hard to swallow. I imagine many of the big guns like Cigarette, Fountain, Outerlimits, Nortech, Active Thunder, Hustler, etc. will be feeling the pinch also!!

[Cooperider]

Found a link to the Challenger Auctions. Looks like its over. Heard they had a new owner now.

But enjoy the pictures.

http://public.fotki.com/Peperauction1/auction_sept_saturd/

[Chris]

There is some nice stuff still there.

You should have told Doug to pick up the Chev dually. ;) :D

-Chris