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Thread: Genmar is officially gone
01-21-2010, 10:24 AM #1
Genmar is officially gone
Don't know what this will mean for us in terms of customer service/ warrantee. I haven't ready enough into it.
01-21-2010, 06:15 PM #2
Re: Genmar is officially gone
Closing of Four Winns sale set for next week
U.S. Bankruptcy Court OKs Four Winns sale
CADILLAC - The U.S. Bankruptcy Court has approved the sale of Four Winns’ parent company, paving the way for a California equity firm to purchase the boat manufacturer.
The assets of Minneapolis-based Genmar Holdings, Inc., were auctioned off in a two-day auction last week. Platinum Equity LLC of Beverly Hills, Calif., was the winning bidder at $70 million for most of Genmar’s assets, including Four Winns. Irwin Jacobs, who resigned as Genmar’s CEO late last year to avoid conflict if he bid on Genmar Holdings, bought the Carver and Larson lines in the auction. Jacobs submitted the winning bid for Genmar’s yacht group at $6.05 million. MCBC Hydraboats LLC was the final winning bidder to acquire Hydra-Sports for $1 million.
A bankruptcy judge in St. Paul, Minn., on Wednesday approved all three sales, despite a bid by the Official Committee of the Unsecured Creditors’ motion to reject the prevailing bids.
Genmar Holdings filed for Chapter 11 bankruptcy in June 2009. The committee, which represents roughly 4,000 vendors owed more than $140 million by Genmar, claimed that once secured creditors like Wells Fargo Bank and Fifth Third Bank would receive all or part of the money owed to them, there would be nothing left for the unsecured creditors.
Despite earlier reports that Four Winns under Platinum’s ownership would expand production, Four Winns’ president Jeff Olson said not to expect any immediate changes regarding job opportunities. High-end boats aren’t selling so well in a recession, he said.
"We don’t know what Platinum’s total plan is," Olson added.
A spokesman for Platinum Equity declined to comment on the hearing, adding Platinum likely would not issue any statements until after the sale’s closing, which is scheduled for Wednesday, Jan. 20.
Cadillac City Manager Marcus Peccia said the city will begin preparing to transfer tax abatements from Genmar to Platinum Equity
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