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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Lukoil Shipped Canadian Crude from Houston

Russian oil major Lukoil has emerged as one of the first companies to buy Canadian crude re-exported from a U.S. port, shipping one cargo last month to its refinery in Augusta,

Vestas Profit Beats Forecast

Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling

MV Cape Ray Signals DTRA 'Mission Complete'

The Defense Threat Reduction Agency announces the successful completion of the Cape Ray's mission to destroy Syria's chemical weapons components at sea. The Defense Threat Reduction Agency/U.

Legal

Lukoil Shipped Canadian Crude from Houston

Russian oil major Lukoil has emerged as one of the first companies to buy Canadian crude re-exported from a U.S. port, shipping one cargo last month to its refinery in Augusta,

North Sea OSVs Liable to Detention if MLC Non-compliant

The Maritime Labour Convention (MLC), an international agreement which safeguards the employment rights, working conditions and health care of seafarers, came into force in the UK on 7 August.

Man Arrested over Death of Stowaway in Shipping Container

A man was arrested in Northern Ireland on Tuesday on suspicion of murder after the death of an Afghan Sikh who was among 35 suspected stowaways found in a shipping

Finance

Lukoil Shipped Canadian Crude from Houston

Russian oil major Lukoil has emerged as one of the first companies to buy Canadian crude re-exported from a U.S. port, shipping one cargo last month to its refinery in Augusta,

Vestas Profit Beats Forecast

Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling

HK's COSCO International Reports Strong Profit Growth

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY.

Yachts

Triton’s Yacht-based Submersible to Debut in Monaco

New lightweight, low profile Triton 1000/3 LP designed specifically to fit into existing yacht tender garages. Triton Submarines (Triton) announced that it will introduce its newest model,

Man Winched from Stricken Yacht in North Sea

A man has been rescued after his yacht ran into difficulty 28 nautical miles north of Cromer. Humber Coastguard received a distress alert from the 22-foot yacht just after 8 a.

USCG Rescues 4 after Vessel Hits Breakwall

The U.S. Coast Guard (USCG) rescued four men after the 30-foot vessel they were aboard struck the breakwall on the north side of the Milwaukee Harbor entrance late Thursday evening.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3090 sec (3 req/sec)