It has recently been reported that Marinas International (as you know it) has filed for bankruptcy protection under Chapter 11; but, that is not a factual report. International Marina Group I, LP dba Marinas International is a professional marina management company that has been around since 1985; managing more than 40 different marinas throughout its existence, 29 of which they still manage today. Of those 29 marinas, a group of 11 are owned by CNL Income Properties (a REIT based in Orlando, FL). Those 11 properties are leased to the three MI entities(Marinas International Consolidated, LP, Marinas International Consolidated II, LP and Marinas International Consolidated II – Ouachita, LP), which filed for protection under Chapter 11 of the bankruptcy code and were named in the Soundings Trade Only (STO) publication dated June 17th, 2013. The article in STO errantly references Marinas International when it states, “Court documents filed on behalf of Marinas International showed the estimated number of creditors was between 10,000 and 25,000.” The court documents in question were filed on behalf of the three tenant entities mentioned previously (MIC, LP, MICII, LP & MICII-Ouachita, LP) not to be confused with Marinas International, the management company. Marinas International is a thriving management company and still going strong. MI is continuing to professionally manage and operate all 29 marinas in its portfolio, including the 11 marinas involved in the filing, as it is in the best interest of the customers who may have been negatively impacted by the filing. MI is working closely with the debtors (tenants) and creditors to come to a resolution quickly as to minimize any impact to the members of the respective marinas during this peak time of year.
If you have any questions or concerns, please contact Shannon Funk: sfunk@marinasintl.com.
– Marinas International Press Release
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