Genmar seeks to continue Ranger promotions

Author:
Updated:
Original:

Genmar Holdings is asking a court to allow it to continue its existing promotional programs for Ranger Boats, including payment of certain prepetition promotional claims, such as $500,000 in prize money for the FLW series of fishing tournaments.

Genmar filed for Chapter 11 protection June 1 in U.S. Bankruptcy Court in Minnesota. It is the parent company of Wood Manufacturing Co., the Flippin, Ark.-based company that owns and operates a manufacturing facility for and sells Ranger Boats.

"As of the filing date, Ranger Boats had the highest market share in its segment. The Ranger brand has developed a very loyal following in the recreational and professional fishing circles," according to court documents filed Tuesday. "The debtors view the Ranger brand as a very valuable asset, but one that needs to continue to be promoted in order to preserve and maintain its value."

Among the marketing and promotional programs the company is asking to continue are the issuing of sportswear certificates. As of the filing date, approximately $140,000 of certificates had been given out but remain unredeemed.

In relation to its Ranger Cup program, which provides prizes to participants in numerous Ranger-sponsored fishing tournaments, Genmar says that, as of the bankruptcy filing, there was approximately $95,000 of cash prizes payable to participants, in addition to about $150,000 in outstanding certificates.

In regard to the FLW series of fishing tournaments, Genmar says the prepetition advertising costs are about $30,000, in addition to $500,000 in prize money.

Court documents also mention Ranger's annual dealer conference, scheduled for July 11-12.

"Continuing to promote the Ranger Boat with dealers is critical to retaining market share," according to court documents.

Genmar says it has "sufficient amounts available in their budget with Wells Fargo Bank, National Association, Fifth Third Bank and GE Commercial Distribution Finance to pay the pre-petition promotional costs."

A court hearing is set for July 6 on this matter, though the court may grant the motion without a hearing.

Related

Freedom Boat Club Buys N.Y. Franchise

The latest acquisition is Brunswick’s sixth corporate-owned Freedom operation in the United States.

In-Person NMEA Conference Announced

The electronics conference, in conjunction with the Radio Technical Commission for Maritime Services, is scheduled for Sept. 20-24 in Orlando, Fla.

Vesper Appoints U.S.-based Manager

Damien Frye will drive sales of the New Zealand-based company’s Cortex product line.

Groupe Beneteau Sells CNB

As part of the conglomerate’s realignment, the Groupe has inked an agreement with Italian yard Solaris to purchase the bluewater sailing brand.

IBEX Hires Education Director

Patty Lawrence will manage the show’s preconference sessions, seminars and workshops.

Organizers Plan for In-Person Metstrade

The show is scheduled for Nov. 16-18 in Amsterdam and will incorporate virtual elements.

X Shore Secures $17M in Funding

The Swedish company’s 26-foot Eelex 8000 electric boat premiered at the Palm Beach show last month.