November 19, 2007
Nichols Bros files for Chapter 11
Two weeks after laying off its workforce, Nichols Brothers Boat Builders, Whidbey Island, Wash., filed for Chapter 11 protection from creditors in bankruptcy court in Seattle on Friday, reports the Seattle Times.
According to the Seattle Times story, Nichols says it is unable to borrow money for operations because of pending litigation.
Nichols Brothers said it has more than $1 million in assets and more than 200 creditors., but did not give a total for its debts.
The Seattle Times story quotes Nichols as saying it has seven boat-building projects and hopes to negotiate court-approved arrangements to have subcontractors continue that work.