Claim forms available in Genmar bankruptcy

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Claim forms are now available for unsecured creditors in the Genmar Holdings Chapter 11 case, the Unsecured Creditors’ Committee reports on its Web site.

The site includes a link to the bankruptcy proof-of-claim form and a link to the bankruptcy case captions for Genmar and its affiliates.

Completed proofs of claim should be mailed to Clerk of Court, U.S. Bankruptcy Court, 301 U.S. Courthouse, 300 South Fourth St., Minneapolis, MN 55415.

The U.S. Bankruptcy Court for the District of Minnesota will establish a bar date by which proofs of claim must be filed and will provide notice of that date to the creditors.

Each creditor is advised to consult with legal counsel of its choice before filing a proof of claim, the committee says on the site.

Click here for information.

In other news, the Unsecured Creditors’ Committee has filed an objection to Genmar’s request to use $400,000 to implement a retention program for certain midlevel managers. The program is described as targeting up to 15 midlevel managers and would issue payments between $4,000 and $40,000, depending on the base salary of the participant.

Genmar, in court filings, said the program is crucial to ensure a smooth execution of the 22-company reorganization and prepare for emergence from Chapter 11.

The committee disagrees that the program is necessary to ensure these individuals will continue to work for Genmar, adding, “during this economic downturn the midlevel managers of Genmar Holdings … will have few, if any, alternatives to working at Genmar Holdings Inc.”

Also, it says, the confidential list of individuals identifies the midlevel managers as in-house attorneys or legal staff, accountants and business managers. Three of these managers, it says, have not been identified.

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Comments

One comment on “Claim forms available in Genmar bankruptcy

  1. Judge

    Sounds like what we heard with the bank bail outs.  Go to work mid management and get something done and then we will talk money.

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