Fawcett emerges from Chapter 11

A prominent boat supplies business in Annapolis emerged from bankruptcy this month with a plan its owners said will repay more than 100 creditors and fuel growth.

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...