Eliminator Boats Restructures Via Chapter 11

It's just been reported that Eliminator Boats, one of the leading West Coast performance boat builders, is filing for Chapter 11 reorganization. Company Owner and Founder Bob Leach made the announcement as the company prepared to submit its restructuring plan to the bankruptcy court and consider the possibility of seeking outside investors to aid ongoing efforts to remain in business.

PHOTO CREDIT: Eliminator Boats.

The company, which traces its history back to 1969 and has produced thousands of boats, is considering adding some new models to a lineup currently highlighted by the new 27 Speedster cat. While rumors of the company's demise have been quietly floating around, the current plan certainly beats having to close up shop completely. As a result, the company has also had to cancel plans for the 2010 Eliminator Regatta, which was scheduled for this weekend. Here's hoping that the crew at Eliminator will fight their way through these tough economic times and come out solid and strong on the other end!