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Genmar seeks to sell Minn. property for $3 million

Genmar Holdings is asking a bankruptcy court judge to allow it to sell property it owns in Minnesota for approximately $3 million.

Minstar, the parent of wholly owned subsidiary Genmar Industries, acquired the property in August 1985 and leased it to Wayzata Marine from December 1992 through Oct. 14, 2009, according to court documents. The property was used for the operation of a marina facility; repair, maintenance and storage of boats, and the retail sale of boats.

Title of the property was transferred to and is currently held by Genmar industries.

Richard Anderson offered to purchase the property for $3 million. Minus brokerage fees, the debtors would receive approximately $2.7 million from the sale, which will be used to pay the senior lenders under the DIP loan, Genmar said in court filings.

A hearing on the motion is set for Nov. 16.

Earlier this week, Genmar filed a separate motion asking to sell property it owns in Oregon, where it previously manufactured Seaswirl boats. That sale would bring in approximately $29,870, which also would be used to pay the senior lenders under the DIP loan.

That motion also will be heard Nov. 16.



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