Genmar seeks ruling on reclamation claims

Posted on

Genmar filed a motion asking the bankruptcy court to grant its proposed procedures for processing and reconciling reclamation claims, which it says will allow it to remain operational during the restructuring process.

A number of vendors have asserted reclamation claims, which total about $6 million, according to court documents.

“The threat of reclamation negatively impacts debtor’s operations and reorganization efforts,” Genmar said in court papers. “It is important at this stage of the debtor’s Chapter 11 cases to maintain normal business operations and avoid costly and distracting litigation relating to the reclamation claims.”

Among the vendors with the largest reclamation claims are Volvo Penta of the Americas, $2.3 million; Interplastic Corp., $631,738.07; Bombardier Recreational Products, $482,651.30; and Taylor Made Group, $212,784.63.

The companies listed in court documents represent only those that submitted reclamation claims by the June 21 deadline. Reclamation claims must be submitted “not later than 20 days after the commencement of the case.”

A hearing on this motion is set for Aug. 12 in Minneapolis. The court, however, can grant the motion without a hearing.

Genmar filed June 1 for Chapter 11 bankruptcy protection.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

What are your expectations for the spring and summer selling season?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price