US Boatbuilders File Voluntary Bankruptcy Petition

Press Release
Monday, April 30, 2012

Luhrs Marine Group announces the commencement of proceedings under Chapter 11 of the Bankruptcy Code

Morgan Industries Corporation, the parent company of Hunter Marine Corporation and the Luhrs Marine Group family of boat manufacturing businesses, announce that it and its U.S. subsidiaries (the "Company") filed voluntary petitions for chapter 11 business reorganization in the United States Bankruptcy Court for the District of New Jersey.

The Company is a  builder of recreational powerboats and sailboats under the iconic brand names of Hunter Marine, Silverton, Ovation, Luhrs, and Mainship.  The business reorganization is intended to bolster liquidity, fairly resolve legacy liabilities, and enable the company to focus on its most valuable business lines and assets. 

In conjunction with the filing, the Company filed first day motions that will allow it to continue to manage operations in the ordinary course.  The Company has obtained a fully-committed, post-petition debtor-in-possession credit facility from Bank of America to enhance liquidity and working capital.

During the initial stages of the chapter 11 proceedings, and as the recreational boat market and business segment continues to improve, the Company will consider its strategic and transactional alternatives.  The Company will evaluate options ranging from a standalone plan of reorganization, or a capital infusion through a plan of reorganization or funding sponsor or acquirer.

The Company is being advised by Robert Hirsh and George Angelich of Arent Fox LLP as bankruptcy general counsel; Capstone Advisory Group, LLC as financial advisors; Katz, Kane & Co. as investment bankers; and Donlin Recano & Company, Inc. as claims agent.

More information about the Company's chapter 11 filing is available at donlinrecano.com/morganindustries.  Information for vendors and suppliers is available at (386) 462-3653.  Information for dealers is available at (386) 462-3616.  
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Legal

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

CMMI’s Maritime Potpourri Focuses on Raising the Bar

The growing popularity of “Maritime Potpourri” Conference organized by the Company of Master Mariners of India (CMMI) was evident yet again on 25th July, 2015

NewLead Holdings Announces Commercial Competency of MT Sofia

NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet.

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

Yachts

Barcelona Yacht Repairer Adds New Shiplift

Yacht service, refit, repair and maintenance yard Marina Barcelona 92 (MB’92) has awarded a contract to Pearlson Shiplift Corporation (PSC) for the design and supply

Alia Launched the 41m Superyacht Rüya

Turkish shipyard Alia Yachts has launched the 41.29 metre full-displacement motor yacht Rüya. She is a tri-deck sub-500 gross tonne motoryacht that was built in

Captain Issued RMI’s First Unlimited Yacht License

Captain Roberto Beretta the first in the world to be issued this specific and highly-esteemed Master (Yachts) - Unlimited license by the Republic of the Marshall

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1754 sec (6 req/sec)