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.
