Genmar

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.

Genmar seeks reorganization extension

Genmar Holdings has filed for an extension to submit its plan of reorganization to emerge from Chapter 11, according to documents filed with bankruptcy court in Minnesota. Genmar had been scheduled to file the plan by the end of September, but is asking the court for the right to file it through Dec. 31 and…more

Genmar tries to amend agreement with lenders

Genmar Holdings is seeking an amendment of debtor-in-possession financing with its senior lenders, according to court documents filed this week. “The debtors will use the financing available under the stipulation, as amended by the Third Amendment, to continue their operations and pursue a reorganization and/or sale of their business,” Genmar said in court filings. Genmar…more

Genmar creditors committee provides update

The Committee of Unsecured Creditors in the Genmar Holdings Chapter 11 bankruptcy case met with company officials recently to review progress and explore potential exit strategies. The discussion included the following topics: * Production: Genmar has sufficient orders and has resumed production of its Ranger, Four Winns, Stratos/Champion, Larson/Glastron, FinCraft, Hydra-Sport, Wellcraft and Seaswirl brands.…more

Jacobs: Genmar firming up Chapter 11 exit strategy

In a letter to dealers today, Genmar chairman Irwin Jacobs said most of the company’s factories are now operational, and will be in the foreseeable future, thanks to orders for new boats. “Having stronger predictable order backlogs is allowing us to more confidently firm up our business plan and strategies for exiting the Chapter 11…more

MRAA disbands Genmar bankruptcy dealer group

Lack of interest among dealers has prompted the Marine Retailers Association of America to discontinue its Genmar bankruptcy dealer group. “I think the dealers are making a mistake,” MRAA president Phil Keeter told Soundings Trade Only this morning. “I think they should be represented at the unsecured creditors table.” Genmar chairman and CEO Irwin Jacobs…more

Genmar seeks ruling on reclamation claims

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…more

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A ‘seat at the table’ for Genmar dealers

MRRA’s efforts to form a committee to help dealers through the reorganization anger Jacobs It’s a confusing time for Genmar dealers. As the parent company works through the bankruptcy process, some are wondering if the brands they sell will be part of Genmar when it emerges from Chapter 11, while others question when they will…more

Proof of claim deadlines set in Genmar case

Genmar’s creditors have until Nov. 18 to file a proof of claim, according to court documents. Governmental units have until Nov. 30 to file a proof of claim. Also, a meeting of creditors is set for 2 p.m. Aug. 20 at U.S. Bankruptcy Court in Minneapolis. Creditors are welcome to attend, but not required to…more

Genmar files financial statements in reorganization

Genmar Holdings filed financial statements with U.S. Bankruptcy Court in Minnesota for the 22 companies listed in the Chapter 11 reorganization. The following figures were taken from the statements filed with the court. Assets for all of the companies total $244,514,791.98. This includes $86,891,063.83 in real property and $157,623,728.15 in personal property (inventory, machinery, equipment,…more

Genmar dealer webinar addresses anonymity, other concerns

Attorneys told Genmar dealers Wednesday they deserve a “seat at the table” during the company’s Chapter 11 reorganization and urged them not to become “sitting ducks” during the proceedings. New York-based lawyers Leonard Bellavia, from Bellavia Gentile & Associates, and Eric Snyder, from Siller Wilk, along with the Marine Retailers Association of America, held a…more

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