DESTIN, Fla. – Fred Pace is speaking out in support of Genmar Holdings during what may be called one of the most challenging moments in his company’s history. As managing director of Legendary Marine, a dealer that dropped all but one of its boat brands late last year in favor of Genmar brands, Pace, like Jacobs, has a lot on the line as Genmar enters Chapter 11 bankruptcy proceedings.
“We are confident that Irwin, his staff and his boat companies will make it through these difficult times,” said Pace in an e-mail interview yesterday. “We intend to support his efforts as much as we can.”
Here are the points Pace said he is sharing with employees and consumers.
Genmar’s Chapter 11 filing is evidence that even the strongest, best managed companies are struggling in this unprecedented recession.
Chapter 11 is a judicially supervised process that enables a company to reorganize its operations and restructure its debt while operating under the protection of the court.
Chapter 11 is designed to be a successful undertaking that provides an opportunity for the debtor (Genmar) to emerge from bankruptcy without the burden of debts it can no longer pay in the current economic environment.
Genmar has debt and operations that were created over many years during a very different economy; an economy and conditions that no longer exist. Therefore, the Chapter 11 process provides an opportunity for the company to be redesigned for a new economic reality and should reposition Genmar for a much brighter future.
We have already been in touch with Genmar and remain confident of their commitment to their dealer network and the marine enthusiasts who demand superior quality and performance from their marine products. We believe that Genmar will continue to put the customer first!
Genmar has excellent management, superb brands and terrific marine products. There is every reason to be optimistic that they will successfully navigate through this process and emerge as a leaner, stronger company with less debt.
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