marine industry professionals
Genmar granted extension to file reorganization plan
Genmar Holdings has until Nov. 4 to file its plans for reorganization, a judge in U.S. bankruptcy court in Minnesota has ruled.
In addition, the period in which Genmar has exclusive rights to obtain acceptances of such plans was extended to Jan. 3, 2010.
When Genmar filed for Chapter 11 bankruptcy protection in June, it was given until the end of September to file its reorganization plan. The company had asked the court for the right to file through Dec. 31 and to extend the period in which it may obtain acceptance of such plans through Feb. 28, 2010.
In the order granting the extension, the judge noted that only the Committee of Unsecured Creditors had objected to giving Genmar additional time to file.
When it filed its motion for the extension, Genmar said the case is large and complex, with 22 debtors filing separate petitions and schedules.
"Collectively, these debtors have in excess of 7,000 creditors, with hundreds, if not thousands, of executory contracts and leases," the court paper says. "Thus, the size of these cases alone establishes grounds for extending the exclusivity periods."
Also, court documents note, Genmar recently began to implement exit strategies, such as sale of assets, and these transactions will form the basis of any plan.
"These transactions are contemplated to close or solidify by the middle of December 2009," according to court documents.
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In the previous comments, there is no mention of the oddball Genmar boat builder, Triumph. Since Roger Penske decided to not purchase Saturn, and he has the strong Carolina connection, maybe Irwin could get Roger to purchase that company. Or, get another corporate raider involved. It would appear to be a prime opportunity for that state considering the close proximity to water.
The quality issues that have been rapant throughout Triumph's history are leaving the dealers and customers more than concerned that there are possibly hundreds of these non-fiberglass boats out in the water with who-knows-what might happen next to them defects.
Well said by kyjd75 that a little honesty - to the dealers, to the employees, to the companies to whom major money is owed - would go a long way. Unfortunately, so much time has transpired since the closure of some of the Genmar companies, since the layoff of hundreds of qualifed and talented Genmar employees, it will be very hard to re-establish any type of trust between dealers and builders. Additionally, good luck getting any of the top-notch employees to come back. Hopefully they've gotten better jobs by now. You can't lie to folks - dealers and employees alike - and expect them to trust you and return to the fold.
I guess this is just another example of the rich staying richer, and the poor hard-working person getting another kick in the rear. Thanks, Irwin, for continuing your usual style, or lack thereof, of management and ruining yet another promising entity. Irwin has played with peoples lives long enough. I sincerely hope his Chp. 11 reorg fails - if nothing other than to take him down this time.
Why is this happening?
So many yachts in the field were on his dime under the financier's repurchase agreement. Many were coming due for payment, more every day as the dealers went down or could not make the monthly juice payments.
And the simple fact that high production numbers had always bailed him out before....poor design, non existent cost accounting of new product, no testing and so forth...realization came quick that being profitable in the business will be VERY hard now. High production numbers aren't there to cover the mistakes anymore.
Beleive me, they spent foolishly, hand over foot, to the last days.
This could be true. I talked to employees this past weekend and they got certified letters terminating all employment. Even had given date out to dec. The letters Stated
"Just letting you know we will not need your services anymore." And you need to go get a job and don't wait on us anymore. We have moved on.
Sounds like something big going on in pulaski wi. Hopefully Wisconsin can get some of that expansion money back. Maybe Obama will give Irwin some sympathy Money....
Why all the secrets Irwin? If you did not see this comming then why over the past year you were changing the company names? All to different Yacht groups. Seperating his companies into different entities. Taking VEC technologies out of all the Marine industry and opened in Pennsyvania. Building wind generator blades. For his buddy Pickens. Now he will close boat companies, fire everyone and open wind generator companies with federal dollars. He will hire people and look like a king. "And yes my spelling is bad" haha
But I saw the prints for wind generators at our company before we were let go.
Good luck dealers you deserve it. I hope your future is great. And I hope you can get some federal relief...
What gets me is the last by Yachtbuilder is right.What is the big secret?When and if you get back running were is the trust in upper managemnet.Like I said before people were told dates,then prolonged and prolonged.So I guess there are more lies to and more to the bankruptcy then people are being told.
Just to add one more fact. Irwin says is bussinesses are up and running. That may be true, but if you think 6 people at Marquis and Carver yachts is up and running. Then he is correct. Last year marquis had our govenor, grant him money for a 27 million dollar expansion. Then 5 month later we are out of work. Just wonder what Gov Doyle thinks of how or where Irwin spent the expansion money.
Go Mercury workers for trying to stand up to the corporate thieves. After all the money our state has given up for these rich owners. Now the people that saved the company millions of dollars probably will not get there bonuses that were promised. Maybe Obama could take over their company to....
Thank you, woodenboatman19, for your response to Paul12345. When I read his response to my posting, I contemplated responding, but held off. Your words were very appreciated, and appropriate.
Yes, I made a typo. A cynic? Not at all. I grew up in the marine business up to and even after I graduated from law school. Later, I was an owner of a very successful marine dealership for several years. I still have close ties to the marine industry, including my old store (which is a major Genmar dealer) and thus one reason for my interest in what Genmar is doing.
The problem I have is with Mr. Jacobs trying to "sugar coat" everything with his optimistic statements, when the truth (whatever that may be) seems to be something entirely different. I have had several conversations with folks very close to Genmar, as well as other veteran marine industry observers, who tell me that things are not as good as Jacobs has tried to portray. My point of view is that it is better to tell "like it is" rather to make wildly optimistic statements that don't come true. I want Genmar to make it. But a little bit more in the way of facts would make Genmar's dealer family feel a whole lot better.
I am in the Marine Business. I could have bought any boat. I got a Ranger 1860 Angler this summer, I Love it.....and the folks that made it....figureatively speaking that is. GO GENMAR!!!!
Paul12345, get a life. Kyjd75 made a typo, that's all. And beyond that his or her opinion is valid. Genmar clearly is in some deep and hot water and may not get out of it unscathed. That's fact, not a cheap shot nor un-American.
Nobody wishes for a corporation to fail, nor for people to be put out of work. Still, the numbers show Genmar was way overextended and Jacobs failed to position his corporation to weather the economic cycles the marine industry has experienced since its inception. He's not alone in this as we've just seen with Brunswick/Mercury.
Which companies will survive this reorganization is anyone's bet. One thing is clear however. The marine industry will once again favor smaller independent and economically flexible boat builders rather than the bloated conglomerates.
In many cases, boat dealerships are multi-generational family businesses. Therefore, it is important to represent a boat line, or lines, that can be counted on over the decades. Perhaps it was naive to believe that after the OMC bankruptcy, Genmar would be the solid company that would provide my family business long term security with one of my major boat lines. What happened?
Mr. Irwin Jacobs, you have repeatedly gone on record to say that Genmar is financially sound. Again, what happened?
Genmar is a privately held corporation so there are no stockholders' reports to know the facts. One has to feel that one of two situations actually exist. One, Genmar is truly on the brink of collapsing, or two, the bankruptcy is a clever scheme to squeeze suppliers and creditors during a time when it is opportune to do so.
Please Mr. Jacobs ........... what is the truth??????????
One of your concerned dealers
The above comment is written by a cynic, someone who ignores the facts and is a poor speller.... their 3rd word sage, in French & English means wise but I guess this is not what she/he meant, most likely she/he meant saga.
The facts clearly state "7,000 creditors, with hundreds, if not thousands, of executory contracts and leases". The obvious volume of work & negotiation to manage this would understandably have exceeded Jacobs initial estimates as he macro manages not micro manages a business that 18 months ago had a turnover of $1 billion.
A cynic because she/he is more interested in the 'cheap shot' rather than supporting the restructure of a company that not only employs thousands of people but it effects thousands of companies and all their employees that Genmar trades with. Not to mention the effect on the hundreds of thousands of Genmar boat owners in the USA and around the world. The domino effect would be HUGE if Genmar fails. All attempts to save this company should be applauded! Suggesting otherwise means you are happy for it to fail and have other business fail, people go without: work, income, health care, schooling, food etc and many people would suffer depression.
This attitude is surely not the American way.