Genmar bids are due today

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Today is the deadline for bids on Genmar Holdings’ assets.

Bids are due at 3 p.m. CST. The auction is set for 10 a.m. Thursday in Minneapolis.

A sales approval hearing is set for Jan. 13 in U.S. Bankruptcy Court in Minneapolis, with closing set for Jan. 20.

Qualified bidders are required to submit a bid package that includes a signed confidentiality agreement, financial statements, a deposit in an amount equal to 5.5 percent of the amount of the bid and other related documents.

The auction is being managed by Houlihan Lokey Howard & Zukin Capital Inc., which signed an agreement in November with stalking horse bidder Project Boat Holdings, an affiliate of California-based Platinum Equity.

It has submitted a bid of $55 million for assets used in the design, manufacture and sale of Ranger, Stratos, Champion, Wellcraft, Four Winns, Glastron and Larson. The assets in the bid also include facilities in Flippin, Ark., Cadillac, Mich., and Murfreesboro, Tenn.

The stalking horse bidder “will enable an auction process in which other parties can submit bids for the same assets as Platinum or a different combination of assets, provided it results in higher value to the estate,” according to court documents.

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Comments

19 comments on “Genmar bids are due today

  1. Tired of the struggle

    Let pray for the best . And hope for future employment for those of us who have been let go.

  2. I hope Irwin is out

    Hopefully (quite doubtful) a New Year could bring a fresh start to the former Genmar companies.  These are very good and viable brands if managed by an group that has respect for employees, brands, vendors, and of course customers that have supported these companies.
    A future without Irwin Jacobs could be bright,  with him status quo and just a matter of time before he bankrupts the entity for his own personal benefit again.

  3. Grand Man

    Some cards have to be played today. These will at least show a partical strategy, by everyone. Let the bidding begin and hope the employees get a fair shake. The vendors should be skeptical doing business in the same manner as before. They want and need business, however they have to conduct the business in a better fiscal manner, because history should serve as a lesson with all involved.

  4. JPD

    I for one,  hope that Irwin does get his company back.  The people in Little falls and Pulaski really need the business and employment to come back.  These areas have been devistated by this whole mess.  The other bidder doesn’t care about these people, nor does it care about the industry.

  5. Brian Furst

    I for one agree with the first comment above by JPD, that Little Falls needs Irwin Jacobs! The things he has done for this community and state are commendable ( If Only had Florida had their head on straight, but that’s yet another story to be told, which you cannot blame on Irwin)
    We all can banter for hours regardging who is the winner, who is the looser, who has been hurt by this and who may derive results from all of this that are not positive and those that will be positive. But I can also truly attest to the fact that regradlesss of Mr Jacobs profitability ( whaterver that may be, I do not care) We must also consider for decades that hundreds of Genmar dealers have been very successful and profitable with the Genmar Bands for many , many years. I for one also appreciate many of the tough issues this industry has faced in recent decades that required leadership and commitment from a industry which has rarely evered pulled together….. it was nice to have someone take the helm!
    None of us could have forseen or expected the many uncharted waters that we are all still attempting to manuauver in this industry and who knows what will be our outcome?
    Folks the “banking indusrtry” has put us where we are not, Mr Jacobs.
    I wish you all the best for a successful new year. And Thank you Mr Jacobs for your efforts!!!
     
     

  6. stan

    I do hope that the people employed at the production plants can stay employed. But the reality is that people who we know and trust may be realesed from their duties[ sadly to say].The economy in the past has already dictated our ,or their futures. Lean times are still coming. as with any change overs product quality or consistency may sacrifice ,temporary.Mercury has almost lost fans in some towns. evinrude has lost friends in Waaukegan as well.Still yet these production plants will upset cities and towns, regretefully .But this is just a case how to stay in business while cutting the bottom line SORRY TO SAY. From a technician i am sorry about the upcoming results.

  7. CONCERNED

    I work for a Genmar company. I have been there for 12 yrs. To those who think Mr jacobs is so great, you should be in my shoes. I have spent months working part  time if at all, sure there is unemployment but then there is insurance to pay when we return, lots of it. There are bills to pay when we are off and when we work part time. Let us not forget either the 10% pay cut every genmar employee took, the cost of living raises we have not gotten and the raise in our insurance premiums and deductibles. Then there is the bankruptcy, no I so not think he should be allowed to repurchase these companies. If he couldn’t make them work the first time or restructor them we need a new leader that can.

  8. Paul - supplier to Genmar

    For all those who continually blame Irwin Jacobs, you show yourself to be naive and stupid.
    He did not:
    1) create the global finacial crisis
    2) stop customers from waling into dealers showrooms
    3) stop dealers buying boats
    4) stop banks lending money to dealers or customers
    5) create the Bankruptcy Act
    Get a grip, the best person to buy any business is someone who know the the industry, has a track record of success and is finacially able to buy the business and provide ongoing funds. If that is Irwin Jacobs then he should be the buyer!
    Without question Irwin Jacobs has provided for the last 3 decades income for families all over the USA, he should be lauded loud and clear. To say otherwise show how stupid you are.

  9. CONCERNED

    To Paul  I am neither ignorant nor stupid, just stateing facts and my opinion. It is the USA after all.

  10. Captain Drake

    Irwin Jacobs will give the brands the best chance for survival. He will need to evaluate his officers moving forward.

  11. Dave Hamilton

    As a repeat customer of Four Winns Boats here in Canada  — I am following the Genmar Marine bankruptcy situation with much interest . — I am very pleased with the quality and design of these vessels and it would be a sad day if any of the Genmar Marine company’s product lines are lost due to the current economic recession. — They all target different market segments and many of those customers have been impacted significantly by that same recession. Our country has a banking system that has more federal and provincial ( state )regulations that prevented many of the problems that occurred in your banking system so we have been spared much of the pain that you( as a nation) are going through . — Your country has proven time and time again that it can recover – change and adapt to changes in the economy over time. — The boating industry is no different than the auto industry which is now showing a positive trend in only a year since it hit bottom over a year and a half ago. — The boating industry will quickly follow so remain confident and do as you always have done when you meet a challenge — change , adapt and success will folllow . — Check your economic history over time — it’s inevitable !! — Just ask Warren Buffet or Bill Gates. — If you need any help or advice just call us — we’re just across on the “other” side of the lake.

  12. mh

    I just hope that no matter who buys genmar, they re-open and build yachts in the Pulaski plants again sometime soon! About a year ago, I worked there and I LOVED my job and really miss it!  I didnt know who Irwin Jacobs was, nor do I know him now, but when Carver (Marquis) was up and running, I loved working at his company.

  13. A Retired Boat Rep

    I have worked in the Marine Industry for 40 years, I can only speak to the fact that I made MORE money working for Mr Jacobs (Genmar Boats) than with any other Company I ever worked for. No one is more creative in putting together promotions to move product (at the dealer level) than Mr Jacobs. I would epect nothing less if he were to own Genmar again. There are so many very qualified people working for Genmar that deserve the opportunity to get to retire happy as I have, thanks in large part to Mr Jacobs. For the sake of all those great people, I hope he gets his company back.

  14. burnin tires

    From most of us @ Lar/Glas/Sea we would like to see Uncle Irwin keep it and even shake up management,but we dont blame him, he’s built this industry and poured alot out into these companies he’s trying to get back .If not we hope that whoever comes in brings in some good commonsense management and keeps our Boat Builders working ,With that I say to you Uncle Irwin GO Get em and show no mercy Bro just like in the mid 80′s take em down Whooooo Game Time Boyz!!

  15. primetime

    Uncle Irwin as i started to call him years ago[quote to greg at midwest outdoors 1999] has stimulted my economy over and over
    his untested idea that everything is worth something to someone has made the boating industry in Mn .we wouldnt have anywhere near the industry here if not for him
    he enabled us to have every brand he owned even at smallest shows,walked large convention center and sugegested to company sales managers [told]they would be in full force at our little events
    he offered his availability again and again as we got to use boat hulls from them to profit where we cannot get them now asBRUNs doesnt work with anyone outside of their realm
    hopefully he keeps an interest and reteives some of company.s

  16. X Dealer

    Irwin is for Irwin. The problem with Genmar has always been a non-level playinmg field. Special deals for special dealers, then a change of heart and whack those dealers. For example, Crystal Pierz didn’t get so big playing on a level playing field.
    Irwin always tried to convince us we dealer should be beholding to him and that he personally had saved the Marine industry on more than one occasion. His atitude was that we owed him and he owned us. He constantly badmouthed Mercury Marine and Brunswick and filed lawsuits against them. To Irwin, they were the enemy!
    He had no concern for dealers. as many a Lund dealer found out. Nobody in Genmar bled their brand more than Lund dealers. (Ranger was close). For two years he told us that we must take on more of his lines or he would find dealers near us who would, including our Lund brand. So we took on more Genmar lines.
    Then he sells the aluminum lines to Brunswick, and suddenly we are the enemy! An enemy sitting there with wharehouses full of  non Brunswick engines, technicians  and parts.
    Irwin is for Iwin. The rest just happens to the benefit of some people for some peiods of  time.

  17. employee

    I work for a Genmar brand.  I (and several others) hope Irwin doesn’t come out the winning bid.  I believe (and have seen opinions of others on various boards) that his coming back would do more damage than good.  The general public believes he would be buying his own companies back for pennies on the dollar while getting relief for the debts he owes, and not having to pay.

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