Outboard Marine Files for Chapter 11

Bloomberg News

Outboard Marine Corp., a unit of Greenmarine Holdings, filed for Bankruptcy Court protection and terminated as many as 4,000 workers after demand slowed for pleasure craft and boat motors. The company, in its Chapter 11 petition filed in U.S. Bankruptcy Court in Chicago, listed $877 million in assets and $768 million in debts. The Waukegan, Ill.-based company makes the Evinrude and Johnson lines of outboard motors and boats under brand names such as Chris-Craft, Four Winns and Hydra-Sports.

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