Genmar auction gets under way

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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 bid of $55 million for assets used in the design, manufacture and sale of Ranger, Stratos, Champion, Wellcraft, Four Winns, Glastron and Larson. The assets in the bid also include facilities in Flippin, Ark., Cadillac, Mich., and Murfreesboro, Tenn.

A representative of Houlihan would not comment earlier this week on the number of bids received or give any information about the bids.

Genmar founder Irwin Jacobs, who last year stepped down as chairman of the company, has said he plans to bid on at least a portion of the assets, but would not discuss specifics.

A sales approval hearing is set for Jan. 13 in U.S. Bankruptcy Court in Minneapolis, with the closing set for Jan. 20.

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