Genmar bids are due today

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Today is the deadline for bids on Genmar Holdings' assets.

Bids are due at 3 p.m. CST. The auction is set for 10 a.m. Thursday in Minneapolis.

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

Qualified bidders are required to submit a bid package that includes a signed confidentiality agreement, financial statements, a deposit in an amount equal to 5.5 percent of the amount of the bid and other related documents.

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 has 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.

The stalking horse bidder "will enable an auction process in which other parties can submit bids for the same assets as Platinum or a different combination of assets, provided it results in higher value to the estate," according to court documents.

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