Creditors support Genmar plan to sell assets

MINNEAPOLIS — The Unsecured Creditors’ Committee in Genmar’s bankruptcy trial has decided to support the sale of Genmar’s assets to either one or multiple buyers, the group reported on its Web site.

The committee said that during the past several months, it has conferred on at least a bi-weekly basis with Genmar and its primary bankruptcy professionals. The committee said it conclude that various reorganization proposals that were discussed would not be in the best interest of the unsecured creditors as a whole.

According to the committee, a sale process will result in a total sale price that exceeds the initial bid price.

The committee emphasized that it intends to be involved throughout any sale process to maximize recovery and protect the interests of the unsecured creditors, and in addition noted that bringing the sale process to a speedy conclusion in order to meet the requirements of the early 2010 boat shows will be an important element of that effort.

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