Genmar sale details could emerge next week

Author:
Updated:
Original:

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

Yanmar Names Power Solutions Division Manager

Carl J. Micu will oversee sales and the development of long-term growth plans.

Lippert Components Rebrands

The company’s core line of marine, RV and commercial products, including Lewmar and Taylor Made, will be branded as Lippert.

‘A Strong Finish to a Strong Year’

Booming demand for boats continued as the year ended, with the industry posting the highest number of sales since 2007.

Culture Summit 2.0

Correct Craft will gather “organizational culture drivers” for its second summit, which will take place virtually March 3.

Quick Hits: January 22, 2021

B.A.S.S. now taking noms for ‘21 Bassmaster High School All-American Fishing Team and Yacht Sentinel teams with Fountaine Pajot to equip its lineup with connected boat technology.

Teak Isle Expands Operations

The Florida-based manufacturer purchased a 45,000-square-foot facility and two additional CNC routers.