Genmar retention program approved by court

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Genmar can pay up to 15 midlevel managers a total of $400,000 as part of a retention program, a bankruptcy judge in Minnesota ruled Tuesday.

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 Unsecured Creditors’ Committee had filed an objection, saying the program is not necessary to ensure these individuals will continue to work for Genmar.

In court documents, the committee said, “During this economic downturn the midlevel managers of Genmar Holdings … will have few, if any, alternatives to working at Genmar Holdings Inc.”

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.

The committee said it had seen a confidential list of individuals, which 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

6 comments on “Genmar retention program approved by court

  1. LARRY

    GENMAR IS PLANNING TO RE-EMERGE AS A STRONGER AND LEANER COMPANY, RIGHT?
    CLEAR ME UP HERE, WILL YOU? IF THESE PEOPLE ARE BEING PAID THEIR REGULAR SALARY WHILE STILL WORKING FOR GENMAR, REGARDLESS OF THEIR TITTLES, WHERE’S THE NEED FOR ADDITIONAL $$$?
    RETENTION? IN TODAY’S TOUGH TIMES, AND IN THE AREAS MANY OF THESE SO CALL MIDLEVEL MANAGERS ARE RESIDING, DON’T TELL ME THERE’S A LONG LINE OF COMPANIES WAITING TO HIRE THEM! WHERE ARE THOSE SO CALLED JOB OPENINGS? WHERE?
    HOW I SEE IT, ANOTHER SLAP ON THE FACE WITH ANOTHER INSULT TO OUR INTELLIGENCE!
     
     
     

  2. Ron Vlach

    These are the peolpe who caused most of the problems and we keep paying them. This is like AIG and the rest of the corporate 
    bureaucrats.

  3. char1

    I OBJECT!  We can’t get Genmar/Triumph boats to pay for warranty repairs already done on their boats and they want to pay these people!

  4. twisted dealer

    Ata_boy!!..give 400k away to managment when 400k divided by $15.00 an hour would save alot of jobs…Ata-boy guys… stick another one in the low guys on the totum pole…thats the spirit…and give some more Rangers and Mercurys away too…Ata_boy guys you got the spirit

  5. A Genmar hourly employee

    I also agree that they should have done something different with that money.My wife and I both work for a front runner of the Genmar Co. and we had to take a 10% pay cut  each around the time this crap took place.I guess once you get your head up their backside they will make sure you get your bonus,I mean as long as you take it from the little people.The ones that dont mean anything to this type of company.Another thing is that they changed our insurance policy saying that instead of increasing rates that they would just adjust our policy.

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