Tommy's Fort Worth, LLC, the largest ski and wake boat dealer globally, filed for Chapter 11 protection on May 22, 2024 in the Northern District of Texas (Case No. 24-90000-11) as the lead debtor for 17 affiliated entities. Founded in Denver, Colorado in 1981 by Wakeboard Hall of Fame member Tommy Phillips and later acquired by entrepreneur Matthew Borisch and family, the company operated 14 dealerships and five on-water rental programs across eight states with a strong marine retail presence. In 2023, revenues were primarily from boat sales (84%), with service/repair (12%), pro shop (3%), and waterfront services (2%) comprising the balance. A May 2023 floor plan financing transition to M&T Bank ($115M facility, $105.7M outstanding at filing) combined with Malibu Boats' refusal to execute a repurchase agreement and subsequent March 2024 dealership termination triggered an M&T Bank default and April 2024 receivership. A Chapter 11 trustee (Mark E. Andrews) was appointed June 14, 2024. The case proceeded under cash collateral authorization with no DIP financing; the Clermont property was sold free and clear in September 2024, and a $3.5 million settlement with Malibu Boats was approved. The Modified Chapter 11 Plan (filed May 1, 2025) was confirmed July 24, 2025 despite former CEO and U.S. Trustee objections. General unsecured creditors receive creditor trust interests funded by asset liquidation proceeds after secured and priority claim payments. Affiliate cases were closed by final decree on January 27, 2026, with the main case remaining open pending entry of a final decree.
