Local News

Marina Files For Bankruptcy, Leaves Customers In Limbo

Posted January 12, 2006

— A major marina on Lake Gaston has filed for bankruptcy. The filing by Eaton's Ferry Marina covers not only the Lake Gaston location, but stores in Raleigh, Bald Head Island, and Smith Mountain Lake in Virginia.

The Eaton Ferry Marina filed for bankruptcy just before lawyers for the Marina's major creditor, GE, prepared to ask a Warren County judge to seize the marina's inventory of boats, motors and trailers. And consumers like Richard and Kathy Gregory appear to be caught in the middle.

"We bought the boat in October and never actually put it in the water, so we are just going to have to wait and see what happens between the marina owner and General Electric," said Richard Gregory.

Eaton Ferry is the largest marina on Lake Gaston, with boat sales, service, winter storage and a small restaurant. The gate is locked, and the entire operation is closed to the public.

The Gregorys said the marina had agreed to keep the boat in storage while their home was under construction on Lake Gaston.

"My hope had been that I could get my boat around the end of March and early April and get it in the water," said Richard Gregory. "Now I'm not so sure."

For the Gregorys, the issue is not financing. But thousands of boat owners who still have an unpaid balance through the marina and GE may risk losing their boat, although GE said it's the company's intention for that not to happen. Customers who have any questions or concerns should contact GE Commercial Distribution finance.


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