Genmar Receives Reorganization Extension

Genmar Holdings now has until November 4, 2009 to file plans for its reorganization after the U.S. Bankruptcy Court for the District of Minnesota agreed to extend the deadline from September 29.

Irwin Jacobs, chairman and CEO of Genmar Holdings, told Boating Business “It has been changed to early November so we can put a plan together and we'll need just that time to get it into everyone's hands. The complexity of all the constituencies is what's taking longer. We're working feverishly to get it all put together. I can tell you we're very optimistic that we'll have something put together shortly.”

Originally, Genmar sought an extension of December 31, 2009 as its deadline to file its reorganization plans, however, Jacobs believes the November deadline is appropriate.

“We want this thing resolved sooner. We fully support the earlier date. Nothing has changed from our plans to come out of this intact and to be a strong and viable company, and hopefully stronger than ever before.”

Currently the builder of 14 different boat brands, many dealers and industry members have been awaiting word as to what Genmar's plans are for exiting reorganization.

“I can only tell you that we look to be intact,” said Jacobs. “There may be some consolidation taking place, meaning less factories building more brands. Currently, we've got four out of our six factories running.”