Skip to main content

Genmar sale details could emerge next week

Genmar president and CEO Roger Cloutier II said more details of a pending sale should be available next week.

In a letter sent to dealers this week, Cloutier said the company is "extremely focused" on the sale of the company's business and non-core assets.

"While our intentions for completing this work were initially planned for this week, we are now necessarily targeting the middle of next week - and sooner, if possible," Cloutier said. "I want to assure everyone there are no unusual issues or concerns, just a great deal of work to be done."

Earlier this month, Irwin Jacobs stepped down as CEO, chairman of the board and as a director of Genmar to avoid a potential conflict of interest as he pursues a purchase of the company.

Jacobs has said he plans to be the highest bidder for Genmar's assets. No other bidders have been named publicly.

On Nov. 4, a bankruptcy court judge approved Genmar Holdings' motion to enter into an exclusivity and expense agreement with an unnamed potential stalking horse. This gives that unnamed bidder a 20-day exclusivity period. Also, Genmar has been authorized to reimburse this party up to $700,000 for "certain due diligence expenses under specific circumstances."

That bidder is not affiliated with Jacobs or Genmar, the company's chief restructuring officer Mark Sheffert, chairman and CEO of Manchester Companies, said last week.

Genmar filed June 1 for Chapter 11 bankruptcy protection.

Click here for Cloutier's full letter.

Related

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.

Norm

Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.

1_NMRA

NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.

1_ PULSE.PING.2

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_EPROPULSION

EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.

1_BENETEAU

Beneteau Reports Significant H122 Growth

The company reported that its revenue grew 8.6 percent and income increased by 30 percent during the first half of 2022.