Skip to main content

Genmar tries to amend agreement with lenders

Genmar Holdings is seeking an amendment of debtor-in-possession financing with its senior lenders, according to court documents filed this week.

"The debtors will use the financing available under the stipulation, as amended by the Third Amendment, to continue their operations and pursue a reorganization and/or sale of their business," Genmar said in court filings.

Genmar says it is focusing on "maximizing the value" of the company through a turnaround of day-to-day operations of its business, including cementing relationships with its dealers and vendors.

"Debtors have also been focused on exit strategies through reorganization, sales of assets or some combination thereof," according to court documents. "These strategies would provide for the payment of obligations owed to secured lender parties, creditors and other constituents."

A hearing on the motion is set for Sept. 2 in Minnesota.

Genmar chairman Irwin Jacobs, earlier this month, said the company is required to submit its plan of reorganization to the court by Sept. 29, though the intent is to file sooner.

"As we proceed forward, the most important factor for all of us is to successfully keep managing our businesses, which is obviously a key essential ingredient to our reorganization plan complemented by a strong Genmar dealer base," Jacobs said in a statement.



Marine Travelift Launches Co-op Program

The company received its first student, a University of Wisconsin engineering major, in the seven-month paid co-op.


Trade Only Today Returns Tuesday

The e-newsletter will not publish July 4 in observance of Independence Day. We wish everyone a safe holiday weekend.


ORR Announces Federally Funded Projects

The U.S. Economic Development Administration prioritized outdoor recreation for the first time


Ten Ways To Sell in a Tough Economy

These keys to successful selling can help you create customers who keep coming back, even when sales dip


ASA Names New Board Members

The American Sportfishing Association filled two at-large seats and two regional seats on its board of directors.


Dammrich, Hopkinson Partner With Marine Resources Recruitment

The industry veterans will help clients fill executive-suite, marine industry job openings around the world.


DEALERS: How Was Business in the First Half of 2022?

With the second quarter coming to a close, was there parity between the budget and financial performance in the first six months? Take the Pulse Report survey here.


Passagemaker Relaunches Podcast

Trawler Talk aims to connect with those who are interested in the cruising lifestyle, with episodes dropping every other week