Thanks to WoodTV for this:
GRAND RAPIDS, Mich. (WOOD) — Grand Rapids-based Tommy’s Boats has filed for bankruptcy.
The boat dealership filed for Chapter 11 bankruptcy on May 20, 2024 court documents say.
Tommy’s Boats has around 15 locations throughout the country, according to its website.
It owes more than 100 creditors, according to the court filing. The court documents lists the 30 largest unsecured claims, which comes out to more than $123 million.
In April, Tommy’s Boats filed a lawsuit against Malibu Boats, claiming the boat maker pressured the dealership to take on more boats and that Malibu Boats owes it millions of dollars in incentives. Malibu is also accused of sending more high-priced, high-margin Malibu brand vessels than the 65/35 mix of Malibu and Axis boats Tommy’s had requested.
Malibu has defended itself and says all the boats it sent to Tommy’s were ordered by the dealership.
That same month, Tommy’s lender, M&T Bank, sued the dealership over breaching a lending agreement. News 8 partner Crain’s Grand Rapids Business reports M&T Bank filed a motion on April 1 against Tommy’s Boats, saying it had defaulted on more than $115 million in loans and owes $2.2 million in interest. A spokesperson for M&T Bank previously told News 8 the company does not comment on ongoing litigation.
Tommy’s Boats has since been placed under a court-appointed receivership, Crain’s reports.
News 8 has reached out to Tommy’s Boats and has not yet heard back.
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