Olympic Boat Centers files for bankruptcy protection

The parent company of Redmond-based Olympic Boat Centers, a seller of boats and yachts including Bayliner, Maxum, Meridian and Trophy, filed for bankruptcy protection along with several affiliates.

OBC Holding Co., based in Redmond, listed as much as $50 million in assets and as much as $100 million in debt. Together, the companies operate 21 dealerships in California, Washington and British Columbia, according to OBC's Web site.

Olympic Sales Inc. has assets and debt of as much as $100 million, according to a Chapter 11 petition filed last Thursday in U.S. Bankruptcy Court in San Fernando Valley, California. Olympic estimated it has as many as 999 creditors, including the largest unsecured creditor, Massachusetts Mutual Life Insurance Co., which has a claim of $6.1 million.

The other affiliates that filed for protection are Olympic Boat Centers Canada Ltd., also in Redmond, and Marine Center Inc., of Canoga Park, California. Both units listed as much as $100 million in both assets and debt.

The company's Web site says Olympic Boat Centers, founded in 1955, is the "world's largest full service dealership of Bayliner, Maxum, Meridian and Trophy boats."

Brunswick Corp., whose many brands include Arlington, Wash.-based motor yacht builder Bayliner, owns a 12 percent stake in OBC Holding Co., according to bankruptcy court filings.

The relationship between the bankruptcy cases was yet to be determined, according to court documents. David Neale, a lawyer for the firms, didn't immediately return a call seeking comment, Bllomberg News said Friday.