PartnerShips offers way to avoid boat foreclosures

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PartnerShips, a fractional yacht sales and management company, launched a new division called Hibernation that allows yacht owners to avoid foreclosure.

Hibernation is a service offered to lenders, distressed-asset managers, owners, and anyone seeking to minimize the monthly operating expense of a yacht. Boats in the program are often relocated to inexpensive moorage but still remain available for showings, as well as occasional charter and owner usage.

The program allows yacht owners to reduce costs by as much as 70 percent, according to the company.

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