(UTICA, Ind.) — Marine Builders Inc., a family owned company that builds and repairs river and oceangoing vessels, has filed for Chapter 11 bankruptcy protection, Louisville Business First reported.
The filing was made last week in U.S. Bankruptcy Court for the Southern District of Indiana. The filing shows the 40-year-old company has as many as 199 creditors and between $1 million and $10 million in liabilities.
Marine Builders leases a 16-acre facility in Utica, where it builds and repairs vessels along the Ohio River northeast of Jeffersonville. Through its history, it has designed, built and delivered more than 100 vessels.
For the past several years, the company has been affected by adverse market conditions that have impacted the marine industry generally, it said in its bankruptcy filing. Barge orders peaked in 2013, it noted.
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