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From Poolandspa.com Online Newsletter July 2009

South Florida Business Journal - June 18, 2009

DM Industries Ltd., a 30-year-old manufacturer of hot tubs and related products, has filed for Chapter 11 bankruptcy.

The company, based at 2320 N.W. 147th St., in Opa-locka,FL owns several smaller divisions, including Vita Bath and Vita Spa.

It has $10 million to $50 million in assets, a similar range for debt, and more than 200 creditors – many of whom have South Florida addresses, according to its bankruptcy petition.

The largest creditors were AOC LLC Florida, of Chicago, with $280,426 in trade debt; Waterway Plastics, of Oxnard, Calif., with $286,437; and FW Supply LLC, of Miami, with $227,998.

A list of equity security holders showed Jean-Luc Maury-Laribiere of Opa-locka as a limited partner, holding 30 percent of securities, and MAS Investments, also of Opa-locka, as general partner, holding 70 percent.

The company’s restructuring officer is Alan Goldberg of Miami-based Crisis Management Inc. The filing attorney is Arthur Spector, of Miami-based Berger Singerman.

The Hot tub manufacturer DM Industries has notified the state of its plan to lay off 206 employees and shut down its manufacturing facility in Opa-locka, along with three satellite offices in Melbourne, Tampa and Jacksonville.

Its operations are winding down and the company said in its filing with the state that it is operating with a skeleton staff and expects to permanently shut down operations between June 26 and July 10.

Alan Goldberg, chief restructuring officer at Crisis Management, said the company is looking to sell its assets through the bankruptcy process.

"We are working with an investment banking firm, and have several very interested potential buyers," he said. "We hope that, if the company is sold, the buyer will want to remain in Florida and keep the employees.