Genmar seeks ruling on reclamation claims - Trade Only Today

Genmar seeks ruling on reclamation claims

Author:
Updated:
Original:

Genmar filed a motion asking the bankruptcy court to grant its proposed procedures for processing and reconciling reclamation claims, which it says will allow it to remain operational during the restructuring process.

A number of vendors have asserted reclamation claims, which total about $6 million, according to court documents.

"The threat of reclamation negatively impacts debtor's operations and reorganization efforts," Genmar said in court papers. "It is important at this stage of the debtor's Chapter 11 cases to maintain normal business operations and avoid costly and distracting litigation relating to the reclamation claims."

Among the vendors with the largest reclamation claims are Volvo Penta of the Americas, $2.3 million; Interplastic Corp., $631,738.07; Bombardier Recreational Products, $482,651.30; and Taylor Made Group, $212,784.63.

The companies listed in court documents represent only those that submitted reclamation claims by the June 21 deadline. Reclamation claims must be submitted "not later than 20 days after the commencement of the case."

A hearing on this motion is set for Aug. 12 in Minneapolis. The court, however, can grant the motion without a hearing.

Genmar filed June 1 for Chapter 11 bankruptcy protection.

Related

Brunswick Corp. Appoints New President

Aine Denari is an automotive industry veteran with vast experience in leading-edge mobility systems.

Menhaden Quotas Reduced

Sportfishing groups applauded the move, saying it will help rebuild the striped bass population.

Winnebago Reports Q4, Fiscal 2020 Results

Revenue grew 18.6 percent for the year to $2.4 billion.

Quick Hits: October 22, 2020

Tiara Yachts honors top dealers; Smoker Craft donates to MRAA; ICOMIA issues state of the industry.

Make Your Cash Register Ring for Christmas

If you want to bring in some cash this holiday season, it’s time to get to work.

Vandalize Boats Will Debut at FLIBS

Nautical Ventures will market and sell the new lineup of center console sport utility vessels.

NMLA Joins MRAA as Partner

Through partner membership, manufacturers, suppliers and service providers can align their brands with the MRAA program.

Scania to Power Special Editions of Maritimo X-Series Yachts

The company, known for providing commercial iron, entered the U.S. recreational marine market in August.

Quick Hits: October 21, 2020

Grady-White subsidizes Dealer Week registrations; Brunswick increases dividend; and Scout hands out awards at virtual meetings.