Bankruptcy court approves Genmar warranty request

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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 sale of Genmar boats while the company completes a court-approved agreement with GE.

"I believe the court's actions ... provide both our Genmar dealers and their customers the evidence of Genmar's intention to move successfully through the Chapter 11 proceedings and exit as a stable and strong company," Jacobs said.

Calling this week's Chapter 11 filing "the most humbling and difficult business decision of my entire career," Jacobs said he is committed to successfully reorganizing the company.

Genmar has 15 brands of recreational boats, which it sells through its more than 1,000 dealers worldwide.

Click here for the full text of the letter.

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