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| US Boat Builder Fights Off Bankruptcy
One of America’s most well known boat builders, Luhrs Marine Group this week filed for Chapter 11 bankruptcy protection.According to a report this week by International Marine Industry news, the builder’s 20 largest creditors are owed between US$30,000 and US$200,000.The company filed in the federal bankruptcy court in New Jersey. The company builds the Luhrs, Mainship, Hunter and Silverton brands of boats and has estimated liabilities between US$1-US$10m.
The company has boat factories in both New Jersey and Florida, with asset value between US$10-US$50m.Morgan Industries Corp of St Augustine, Florida, was listed as the sole owner of the company. John T Peterson, president of Hunter Marine, was listed as the company’s chief restructuring officer. A document signed by the full board of directors also appointed him company treasurer.The company has since received permission to continue some production and say that their order book is fairly strong right now. Things are going well for at least the Hunter sailboat range. However, the powerboat production facility had already shut down in January.Both Hunter sailing yachts and Luhrs motor cruisers are sold in Australia by separate agents. There is no word as yet as to how this latest move will affect local sales and service support. |
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