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

People & Company News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Legal

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Finance

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Yachts

Carlyle Group Acquires LMC

Global alternative asset manager The Carlyle Group today announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility

Damen, AMELS sell YSV with Heli Hanger

The sale of a new 69-metre Yacht Support vessel marks the next level of development for the successful Yacht Support range built by DAMEN in cooperation with Dutch luxury yacht builder AMELS.

Huge Yacht Carrier Headed for South Pacific

New policies making it easier for foreign-flagged vessels to explore the coastlines of Australia have lead DYT Yacht Transport (DYT) to schedule its largest semi-submersible yacht carrier,

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1610 sec (6 req/sec)