Luhrs Marine Group Files Chaper 11

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Bad Obsession

Bad Obsession

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May 23, 2004
3,319
I'm in the market as were . Colonial Beach
That is kind of scary. I hope that Hunter can pull through and keep up and running.

This economy still stink!

The rising fuel prices can't help powerboats.
 
GeorgiaBII

GeorgiaBII

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Jun 14, 2011
277
Hunter 22 Fin Keel Lake Martin
Bad Obsession said:
That is kind of scary. I hope that Hunter can pull through and keep up and running.

This economy still stink!

The rising fuel prices can't help powerboats.
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You bought gas at a marina lately? HOLY COW!!!!

Makes the money I just spent on a sail look better and better!
 
Chuckbear

Chuckbear

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Jan 3, 2009
821
Marine Trader 34 Where Ever I am
A Sign of The Times

Luhrs Marine Group files for bankruptcy protection
The Luhrs Marine Group, consisting of Silverton Marine Corp., Mainship Corp., Luhrs Corp., Hunter Marine Corp. and five additional subsidiaries, today filed voluntary petitions to reorganize under Chapter 11 in bankruptcy court in New Jersey, Hunter Marine president and chief restructuring officer John Peterson confirmed to Soundings Trade Only.

Chuck
 
jimmcgee

jimmcgee

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Feb 26, 2008
603
Catalina 30 Marathon, FL
I can only imagine that the power boat side of the industry has really been hit hard. Their cost of operation/ownership was higher even before fuel prices spiked.

I hope we turn the corner soon.
 
Andy1237

Andy1237

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Jun 30, 2004
446
Hunter 340 St Andrews Bay
Re: Hunter Files For Bankruptcy

Let's look at the bright side-get rid of all that powerboat debt and keep building good sailboats!
 
Joe

Joe

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Jun 1, 2004
8,220
Catalina 27 Mission Bay, San Diego
Re: A Sign of The Times

Don't panic.

Chapter 11 is not the end of the world...
Chapt 11 - rehabilitation or reorganisation, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganisation which typically allows companies to continue to function while they follow debt repayment plans
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Chapt 7 is the code that spells the end
Chapt 7 - basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available
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My thought is that Hunter Marine will emerge as a stronger company after the reorganization.... and, if it breaks away from the Luhrs group once debt service has been restructured, may attract fresh investment dollars.
 
Scott B

Scott B

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Sep 20, 2006
2,952
Hunter 33 Georgian Bay, Ontario, Canada
I'm thinking the whole reasoning for the action is to keep Hunter viable, or at least a way of keeping Hunter running without the power divisions taking it down. Luhrs Marine Group has filed for Chapter 11, which will give the protection from creditors forcing them into bankruptcy. The power divisions of Luhrs have been shut down for several months.

http://militaryfeed.com/luhrs-marine-group-files-for-bankruptcy-protection/


The Luhrs Marine Group, consisting of Silverton Marine Corp., Mainship Corp., Luhrs Corp., Hunter Marine Corp. and five additional subsidiaries, today filed voluntary petitions to reorganize under Chapter 11 in bankruptcy court in New Jersey, Hunter Marine president and chief restructuring officer John Peterson confirmed to Soundings Trade Only

Peterson said Hunter has secured interim financing from Bank of America to stay in operation

As for Hunter, Peterson said, “Our orders are fairly strong right now. I think things are going fairly well [for Hunter]. We could certainly pay for ourselves on an ongoing basis, but we could not pay for the whole group on an ongoing basis.”

There are “numerous” entities interested in buying Hunter and other assets, Peterson added.
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Joe

Joe

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Jun 1, 2004
8,220
Catalina 27 Mission Bay, San Diego
The Dodgers baseball team just emerged from Chapt 11 smelling like a rose... Let's hope Hunter follows suit... like the Dodgers, Hunter Marine's brand value goes beyond the assets in the boatyard.
 
C

Crazy Dave Condon

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Jun 8, 2004
10,469
-na -NA Anywhere USA
Hunter Marine is just one part of the Luhrs Group. The three power boat companies had closed around the first of the year. Hunter was supporting the other companies which was hurting them. Therefore, the coporation went into reorganization. One main reason is to divest Hunter from the rest of the corporation. They will come out stronger and better when the dust settles. By the way, they have over 60 orders on the books and are sold out for a few months. That pretty much sums it up folks. Hunter is here to stay.

Crazy Dave Condon
 
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