Genmar Holdings, formerly headed by Irwin Jacobs, was once one of the two largest boatbuilders in the world, with 15 brands, until it was forced into Chapter 7 liquidation in 2009. Several brands became part of Platinum Equity’s boat lineup, but some were bought by J&D Acquisitions, headed by Jacobs and partner John Paul DeJoria.

Dealers still face uncertainty after Genmar sale

Although the auction is over for the assets of Genmar Holdings, uncertainty remains for thousands of unsecured creditors, dealers and former or current employees. On Friday it was announced that California-based Platinum Equity had purchased the majority of Genmar Holdings’ assets for $70 million. Carver and Marquis were purchased for $6.05 million by J&D Acquisitions…more

Platinum Equity buys majority of Genmar

California-based Platinum Equity has purchased “essentially all the assets” of Genmar Holdings for $70 million, chief restructuring officer Mark Sheffert confirmed to Soundings Trade Only. Genmar founder Irwin Jacobs, who along with a partner purchased the Carver and Marquis brands, said he still hopes to own additional brands Platinum Equity purchased, but were not part of…more

Genmar auction gets under way

The auction for Genmar’s assets was scheduled to start at 11 a.m. EST this morning in Minneapolis. Bids were due Monday. 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 submitted a…more

Genmar bids are due today

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…more

Trade Only Today’s most-read stories of 2009

Genmar Holdings’ Chapter 11 bankruptcy filing dominates Trade Only Today’s top 10 stories of 2009, accounting for seven of the most-read articles in the daily e-newsletter. “Genmar files for bankruptcy protection,” which was posted June 2 – one day after the filing – was the top story of the year and remains Trade Only’s top…more

Judge’s ruling paves way for Genmar auction

A Minnesota bankruptcy court judge approved the sales motion submitted by Genmar Holdings. An auction is set for Jan. 7, with a court hearing set for the morning of Jan. 13 to consider final approval of the sale. The court also approved the bidding procedure, and a breakup fee and expense reimbursement for stalking horse…more

Genmar Yacht president optimistic about sale

The president of the Pulaski, Wis.-based Genmar Yacht group says he’s confident the business – which produces Carver and Marquis yachts – will find a buyer and remain in Pulaski. “It won’t be a liquidation out here; it will be a sale,” Bob Van Grunsven, president of Genmar Yacht Group, told the Green Bay Press…more

Genmar working with stalking horse bidder

The stalking horse in the Genmar Holdings bankruptcy case has been identified as Project Boat Holdings LLC, an affiliate of Platinum Equity, a global acquisition firm based in Beverly Hills, Calif., according to court documents. The assets to be sold consist of those owned by the following: Genmar Holdings, Genmar Industries, Genmar IP, Genmar Michigan,…more

Genmar sale details could emerge next week

Genmar president and CEO Roger Cloutier II said more details of a pending sale should be available next week. In a letter sent to dealers this week, Cloutier said the company is “extremely focused” on the sale of the company’s business and non-core assets. “While our intentions for completing this work were initially planned for…more

Bankruptcy officer tags Ranger as Genmar’s best asset

Ranger Boats, based in Flippin, Ark., was determined to be the biggest prize owned by Minnesota-based Genmar Holdings as the company moves toward an auction of assets. A Midway manufacturer now pulling double-duty as an officer of the Minnesota District U.S. Bankruptcy Court says Ranger will be the biggest prize as Genmar moves toward an…more

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