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 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

Genmar’s Jacobs says he has answer to floorplan woes

Genmar Holdings chairman Irwin Jacobs believes he has the answer to the industry’s “disastrous” floorplan and retail financing problems. In a letter sent out to the industry earlier this week, Jacobs called for all boat manufacturers, dealers and vendors to lobby the federal government to include the boating industry in the financing program offered to…more

Creditors committee appointed in Genmar bankruptcy

The U.S. trustee overseeing Genmar Holdings’ bankruptcy appointed seven companies to serve on the Official Committee of Unsecured Creditors. Appointed to the committee are: EZ Loader Boat Trailers, Midway, Ark.; Inland Plywood Co., Pontiac, Mich.; Dometic Corp., Pompano Beach, Fla.; Volvo Penta of the Americas Inc., Chesapeake, Va.; Marine Hardware Inc., Redmond, Va.; Teleflex Inc.,…more

Bankruptcy court approves Genmar warranty request

A bankruptcy court judge approved a request by Genmar to allow its boat companies to honor appropriate past and ongoing warranty and rebate claims, chairman and CEO Irwin Jacobs said in a letter to dealers. Also, the company says it has received assurances from GE Commercial Distribution Finance that it will continue to support the…more

Industry reacts to Genmar bankruptcy

Industry leaders say they were taken by surprise with Genmar’s announcement that it had filed for Chapter 11 reorganization. “Genmar has always been recognized as one of the largest, best-managed and best-funded companies in our industry, so it underscores the very challenging times that we, as an industry, are going through,” Yamaha Marine Group president…more

Analysts: More bankruptcies to follow Genmar’s

Industry analysts say Genmar’s announcement that it had filed for Chapter 11 bankruptcy this week could be a precursor to a difficult summer for the already hard-hit marine industry. “Genmar’s filing is likely to put additional pressure on the market in the near term and underscores our belief that the current ’09 selling season will…more

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AUDIO EXCLUSIVE: Jacobs talks about Genmar bankruptcy

About three months ago, Genmar Holdings chairman and CEO Irwin Jacobs, along with two other individuals, put $40 million in cash into his business, a move he said would not have happened if he thought he would be filing for bankruptcy. {mp3}irwin_jacobs_audio_only{/mp3} Click the play arrow to listen.Don’t see the arrow?Click here to install Adobe…more

MRAA reacts to Genmar bankruptcy

Genmar’s Chapter 11 announcement will likely have a devastating effect on its dealers, Phil Keeter, president of the Marine Retailers Association of America, said this morning. “My concern is there’s hundreds, if not thousands, of Genmar dealers out there that have Genmar product in stock, and now if Genmar is bankrupt and all those boat…more

More details on Genmar’s Chapter 11 filing

Announcing that his company had filed for bankruptcy, Genmar Holdings chairman and CEO Irwin Jacobs noted that previous economic downturns “do not even remotely resemble” anything close to what has taken place in the industry during the last year. Genmar, the country’s second-largest boatbuilder, yesterday filed for Chapter 11 reorganization protection in U.S. bankruptcy court…more

Genmar files for bankruptcy protection

Genmar Holdings, the country’s second-largest boatbuilder, has filed for Chapter 11 reorganization protection in U.S. bankruptcy court. “If someone would have said to me as recently as even one month ago that Genmar would someday be filing for Chapter 11, I would have said it was not even a remote possibility,” Genmar chairman and CEO…more

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