MINNEAPOLIS — In a letter to dealers, Genmar President and CEO Roger R. Cloutier said the company has concluded that a sale of Genmar’s assets will result in the most favorable outcome for the parties affected by its bankruptcy.
“Over the last several months, Genmar and its boat brands and facilities have been evaluated by numerous very well capitalized investors and there has been a very strong level of interest (including from Irwin L. Jacobs),” Cloutier said in the letter. “All work by the various investors is being condensed into extremely focused efforts now that will result over the next few weeks in a much clearer direction for Genmar, and for the numerous interested parties.”
Cloutier said the company is taking actions, including the filing of certain bankruptcy court motions, to ensure the asset sale process is effected in a timely and efficient manner to allow Genmar and its boat businesses to move forward.
“Important to all our dealers we believe is that in addition to the purchase price for the assets, all interested investors will provide the necessary capital to very effectively support the boat businesses purchased,” Cloutier said. “This is very critical for both the short- and long-term success of the brands and their dealers, particularly given this difficult industry economic environment.”
The process will move quickly over the next several weeks, according to Cloutier, and more updates are forthcoming.
Boating Industry will have more on this story as it develops.