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.  
 

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