Lead Line — March 2001
By Richard Thiel
Requiem For A Heavyweight
|Reorganizations and cash were too late.|
It is late on December 22, the last working day before Christmas, and
everyone has gone home. I’m about to leave when I receive an alert
on my computer from a news service. I consider ignoring it, but for some
reason I don’t. When I open it I am met with news of the passing
of a giant within the boating business: Outboard Marine Corporation (OMC)
has announced it has filed for protection under Chapter 11 of the U.S.
Bankruptcy Code, will permanently furlough some 4,000 workers, and will
sell “some or all” of its engine and boat companies. Thus the
terse obituary for the company that virtually created powerboating.
This article originally appeared in the January 2003 issue of Power & Motoryacht magazine.