MINNEAPOLIS — Despite objections from the Official Committee of Unsecured Creditors, a judge this week approved the three prevailing bids from the auction of Genmar’s assets, according to court documents. The closing date for the sale is set for Jan. 20.
In the auction, J&D Acquisitions — a company Irwin Jacobs and a business partner put together to purchase a portion of Jacobs’ former business — acquired yacht builders Carver and Marquis for $6.05 million; MCBC Hydra Boats LLC, represented by John Dorton of MasterCraft Boat Co., acquired Hydra-Sport for $1 million; and stalking horse bidder Platinum Equity acquired essentially all other Genmar assets for $70 million. The auction was conducted by Houlihan, Lokey, Howard and Zukin Capital Inc.
Attorneys at the hearing told the St. Paul Pioneer Press that J&D has been in talks with Platinum Equity to acquire the Larson and Glastron boat brands as well.
The Unsecured Creditors committee had objected to the auction results on the grounds that the Genmar estates would be left insolvent and unable to pay Chapter 11 administrative claims, which would leave $140,000,000 in unsecured claims unpaid.
After their objections were overruled, the Creditors Committee posted congratulations to the winning bidders on its Web site, saying, “The Committee looks forward to seeing the Genmar brands, under their new ownership, at the coming boat shows.”