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Genmar tries to amend agreement with lenders - Trade Only Today

Genmar tries to amend agreement with lenders

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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.

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