Bankruptcy court will allow Ranger to award prize money
MINNEAPOLIS, Minn. — Genmar this week earned the right to move forward with its existing promotional programs for Ranger Boats, thanks to a ruling in its ongoing bankruptcy case.
Specifically, Judge Dennis O’Brien ruled the company could pay up to $500,000 in prize boat certificates relating to sponsorship of FLW fishing tournaments and other organizations that promote the sport of fishing in the United States; up to $140,000 in sportswear certificates; up to $95,000 in cash prizes and $150,000 in certificates issued as part of the Ranger Cup program; up to $26,185 in obligations owed to professional anglers; and up to $30,000 in advertising relating to sponsorship of fishing tournaments.
Textron Financial Corp. and Genmar’s Committee of Unsecured Creditors filed objections to the motion to allow the promotions to be paid, which they pointed out total $941,185.
“The Motion filed by the Debtors represents yet another request, on an expedited basis, for relief relating to the payment of pre-petition claims, supported by little more than selfserving assertions of emergent need,” Textron said in court documents.
Genmar argued in its original motion that Ranger is a very valuable asset, but “one that needs to continue to be promoted in order to preserve and maintain its value.”
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