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Judge’s ruling paves way for Genmar auction

A Minnesota bankruptcy court judge approved the sales motion submitted by Genmar Holdings.

An auction is set for Jan. 7, with a court hearing set for the morning of Jan. 13 to consider final approval of the sale.

The court also approved the bidding procedure, and a breakup fee and expense reimbursement for stalking horse Project Boat Holdings, as set forth in the agreement between Genmar and Project Boat Holdings.

"The debtors have articulated good and sufficient reasons for approving the sale motion," the judge said in his order. "The process for selection of the stalking horse ... was fair and appropriate under the circumstances and is in the best interests of the debtors' estates."

Project Boat Holdings has put in a $55 million bid for Ranger, Stratos, Champion, Wellcraft, Four Winns, Glastron and Larson. The assets also include facilities in Flippin, Ark.; Cadillac, Mich.; and Murfreesboro, Tenn.

The bid does not include Carver, Marquis, Seaswirl, FinCraft, Hydra-Sports, Javelin and other brands, or real estate and production facilities in Little Falls, Minn.; Pulaski, Wis.; and other locations. The sale also does not include the ownership of approximately 93 percent of VEC Technology.

Genmar Holding's founder and former chairman and CEO Irwin Jacobs is also pursuing a purchase of at least a portion of the company's assets.

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