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 wins Ranger ruling

A bankruptcy court this week approved Genmar Holdings’ request to allow it to continue its existing promotional programs for Ranger Boats, the company’s Flippin, Ark.-based subsidiary. This includes payment of certain prepetition promotional claims, such as $500,000 in prize boat certificates for the FLW series of fishing tournaments; $140,000 in sportswear certificates; $95,000 in cash…more

Genmar retention program approved by court

Genmar can pay up to 15 midlevel managers a total of $400,000 as part of a retention program, a bankruptcy judge in Minnesota ruled Tuesday. Genmar, in court filings, said the program is crucial to ensure a smooth execution of the 22-company reorganization and prepare for emergence from Chapter 11. The Unsecured Creditors’ Committee had…more

Genmar dealer webinar set for Wednesday

Bellavia Gentile & Associates, the law firm representing dealers in the Genmar bankruptcy case, will host a webinar Wednesday to discuss specific dealer issues that could arise in the bankruptcy proceedings. Some of the issues, according to Bellavia Gentile & Associates, include: • Possible termination of dealer agreements by Genmar. • In the event of…more

Genmar seeks to continue Ranger promotions

Genmar Holdings is asking a court to allow it to continue its existing promotional programs for Ranger Boats, including payment of certain prepetition promotional claims, such as $500,000 in prize money for the FLW series of fishing tournaments. Genmar filed for Chapter 11 protection June 1 in U.S. Bankruptcy Court in Minnesota. It is the…more

Claim forms available in Genmar bankruptcy

Claim forms are now available for unsecured creditors in the Genmar Holdings Chapter 11 case, the Unsecured Creditors’ Committee reports on its Web site. The site includes a link to the bankruptcy proof-of-claim form and a link to the bankruptcy case captions for Genmar and its affiliates. Completed proofs of claim should be mailed to…more

Genmar’s Jacobs calls MRAA dealer committee ‘insulting’

Genmar Holdings chairman Irwin Jacobs is calling a move to form a committee of Genmar dealers who want their interests represented in court the “most insulting, obnoxious thing I’ve ever seen or heard about in my life.” The Marine Retailers Association of America announced this week it is working to form the committee as Genmar…more

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Genmar aftershocks rattle industry

Surprise bankruptcy filing stuns recession-weary dealers, manufacturers If the boating industry had any illusions that a turnaround was near, they were largely put to rest when Genmar Holdings filed for Chapter 11 bankruptcy protection. The June 1 announcement raises many questions: What will Genmar – the world’s second-largest fiberglass powerboat manufacturer – look like after…more

MRAA to form dealer committee in Genmar bankruptcy

In an unprecedented move, the Marine Retailers Association of America is working to form a committee of Genmar dealers who want their interests represented in court, as Genmar moves through the reorganization process following its June 1 Chapter 11 bankruptcy filing. “We’ve had an inordinate amount of calls from Genmar dealers in almost a panic…more

Genmar boss expands into wind-turbine blades

VEC Technology chairman Irwin Jacobs plans to manufacture wind-turbine blades with the same high-tech fiberglass technology that he uses to build boats. Within the next three years, Jacobs said, he intends to open three to five factories in the United States to manufacture blades that will generate $450 million to $750 million a year in…more

Genmar creditors committee creates Web site

The Unsecured Creditors Committee in Genmar’s Chapter 11 bankruptcy case has created a Web site to keep interested parties up to date on the situation. Click here to view the site. The committee also noted that Gary Potter of EZ Loader Boat Trailers was elected chairman of the committee and Marcia Kull of Volvo Penta…more

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