The reorganization plan of Fawcett Boat Supplies was approved by bankruptcy court Sept. 10. The plan addresses 38 classes of creditors holding $5.6 million in claims against the company, said Fawcett President Steve Ripley.
The majority of creditors will be paid back 10 cents on the dollar, he said.
Mr. Ripley said a significant amount of the $5.6 million owed is money he and his brother, Tom, invested in Fawcett.
Under the reorganization plan, Fawcett...
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