The U.S. Bankruptcy Court for the District of New Jersey approved the sale of the operating assets of Hunter Marine Corp. late Tuesday night and “selected assets” of Mainship Corp. and the Luhrs Corp. to Marlow Acquisitions LLC, according to a letter the company sent Wednesday to Hunter dealers.
The letter was sent to Soundings Trade Only by Hunter president and chief restructuring officer John Peterson, who said he has spent the last two days in court trying to tie up the deal.
“Even the judge said he was impressed by the expediency with which this whole thing has been handled,” Peterson told Soundings Trade Only.
Peterson expects the deal to close within the month, he said.
Marlow Acquisitions is affiliated with Marlow companies operating worldwide across a broad spectrum of marine and related industries in a vertically integrated manufacturing and distribution environment, the letter sent to dealers said.
“I have spent numerous hours with Mr. David Marlow, principal of the purchasing entity,” Peterson wrote to dealers. “I can assure you that he is elated with the opportunity afforded himself as the highest and best bidder.”
“Mr. Marlow will be writing directly over the next few days, so I do not want to go into more details at this point other than to state that he enthusiastically believes in boating as a recreation lifestyle; he has a keen focus on new boats as the driving force to accomplish increased sales; and has a 40-year history of profitable boat building,” the letter stated.
Peterson quoted a line from one of Marlow’s many emails to give dealers a glimpse of his philosophy: “One item I am concerned with is the concept that any alterations would be made in the planned output of QC procedures to enhance short term revenues. My hallmark is quality and there is no better time to begin than the beginning. It would be extremely counterproductive to shape deliveries around eking out a bit more cash flow … than spending the necessary dollars on QC,” Marlow wrote, according to Peterson’s letter to dealers.
Marlow Yachts builds the Marlow Explorer, Marlow Voyager and Marlow Prowler lines of yachts, the letter said. Marlow has a boatbuilding yard in China.
“These yachts are produced using technologies many generations beyond common industry standards in a Marlow-built and owned environmentally green facility with approximately 250,000 square feet of purpose built production halls and supporting assets that include approximately 300 highly skilled artists and technicians,” the letter said. “These botanical park-like facilities have twice been awarded status as the only fully green and environmentally sensitive yacht manufacturing facilities on earth. Marlow Yachts performance products and methods of operation have received numerous industry and independent awards for proprietary, innovative and higher technology processes while being considered one of the highest quality yacht producers on earth.”
- Reagan Haynes