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Florida casino cruise boat is bankrupt

A beautiful blue-and-white boat in Florida goes by the name of Island Breeze II, and it is a casino cruise boat; customers can take a ride on the ocean and gamble all at the same time. However, the chief executive officer of the company that runs the operation has recently revealed that the company is filing for Chapter 11 bankruptcy.

The problem, the CEO says, is that the boat needed to be repaired this year. Those repairs and related upkeep kept it in port, unable to bring customers out for the day. As a result, the company was not bringing in consistent revenue, and they did not have any money to pay back some loans that they had taken out.

The CEO determined that the best way to protect the company from the creditors was to file for bankruptcy, though he also said that the decision was a hard one to make.

As a company, Island Breeze had around 250 employees. Reports show that most of them had to be laid off after the bankruptcy filing. The U.S. Bankruptcy Court where the filing was made is part of the Southern District of Florida, and it is located, like the company, in Palm Beach.

The company's CEO did say that they hoped to get things sorted out, though they were looking at millions of dollars of debt, so that they could launch the boat again and carry on operations.

All business owners should know what bankruptcy options they have, and they should pay special attention to the difference between a business reorganization plan and a liquidation plan.

Source: Sun Sentinel, "Island Breeze casino boat operator files Chapter 11 bankruptcy" Arlene Satchell, Nov. 14, 2014

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