Genmar's Assets Sold in Bankruptcy Auction

It was reported late Friday that Genmar Holdings Inc. has confirmed all of its assets have been sold in accordance with an auction process held under Section 363 of the US Bankruptcy Code.

PR Newswire reports that multiple bidders were involved in the auction, which was conducted by Houlihan, Lokey, Howard and Zukin Capital Inc.

Beverly Hills, CA-based Platinum Equity acquired the lion's share of Genmar's assets, including its Ranger, Stratos, Champion, Wellcraft, Four Winns, Larson and Glastron lines, for $70 million. J&D Acquisitions LLC, headed by  Genmar founder Irwin Jacobs with partner John Paul DeJoria, is said to have acquired Genmar's Carver and Marquis brands for $6.05 million, while MCBC Hydra Boats LLC is reported to have acquired Hydra-Sport for $1 million (all figures $US).

The sale transactions are subject to approval by the Bankruptcy Court, which is scheduled for hearing on January 13, 2010. The closing date of the transactions is scheduled for January 20, 2010.