Genmar creditors committee provides update

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The Committee of Unsecured Creditors in the Genmar Holdings Chapter 11 bankruptcy case met with company officials recently to review progress and explore potential exit strategies.

The discussion included the following topics:

* Production: Genmar has sufficient orders and has resumed production of its Ranger, Four Winns, Stratos/Champion, Larson/Glastron, FinCraft, Hydra-Sport, Wellcraft and Seaswirl brands.

* Vendor credit/payment terms: Genmar confirmed that credit terms for confirmed orders placed after the June 1 bankruptcy filing are treated as administrative expense claims and are considered first priority unsecured claims.

* Financing: Genmar is continuing discussions with its lenders concerning financing needs to develop the business plan and to implement that plan.

* Retention of investment bankers: Genmar has filed a motion to approve retention of Houlihan Lokey, an investment bank that will be responsible for exploring alternatives for Genmar, including reorganization, refinancing, sales or some combination thereof.

Click here to view the committee's Web site.

Click here for the full release.

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