Genmar vendor checks to be honored

Posted on

According to the debtor-in-possession financing arrangement, Wells Fargo will honor any check written to vendors between now and the closing of the sale of Genmar Holdings’ assets, and any check that clears after closing will be honored by Platinum Equity, said David Steichen, a restructuring officer in the Genmar case.

The sale did not close Jan. 20, as anticipated, and the earliest it will close is Jan. 29, he said.

“Until that time we will continue to write checks to vendors for any materials we need,” he said. “These checks, even if they do not clear the banks by the closing date, will be honored by Platinum post-closing. Their obligation to honor these outstanding check[s] post-closing is well-defined in the purchase agreement.”

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Your email address will not be published.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 is your favorite boat show to attend?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password