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Henry ShorrThu Jun-04-09 08:16 PM
Member since Jul 10th 2003
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#5140, "Genmar Chapter 11"


          

Received this disturbing email:

Genmar bankruptcy filing catches boating industry by surprise

Second largest boat manufacturer intends to regroup under Chapter 11 protection

By Colin Moore
Special to ESPNOutdoors.com

Updated: June 4, 2009, 2:14 PM ET

The announcement that Genmar, the country's second largest boat
manufacturer, has filed for Chapter 11 bankruptcy protection sent
shockwaves through the boating industry.

However, the rumors that the various companies it owns might be going
under are unfounded, according to the manager of one of its best-known
brands.

The filing was confirmed Monday by Genmar Holdings Chairman Irwin
Jacobs and first reported by the Minneapolis Star Tribune.

"Even up until the last few weeks, this is something I never even
dreamt was a remote possibility," Jacobs told Star Tribune reporter
Susan Feyder.

Genmar's filing came in the wake of sliding sales and no prospects for
a quick turnaround. Jacobs also alluded to the company's struggle to
maintain a consistent source of financing.

The bankruptcy filing included such popular fishing brands as Ranger,
Champion, Stratos, Wellcraft and Hydra-Sports, and left many boat
owners wondering what the future held.

FLW Outdoors, the tournament organization that conducts freshwater and
saltwater events, was not included in the filing. And the bedrock
companies such as Ranger say the ripple effect won't capsize their
efforts to maintain market share.

"To us, it's a lot like the GM announcement," Ranger president Randy
Hopper said. They're in bankruptcy, but that doesn't mean divisions
such as Corvette and Cadillac are going out of business. Ranger is the
marquee name at Genmar, and there also are several other very strong
brand names in the group.

"Obviously, it's not pleasant when your parent company goes through
something like this, but it happened to us in the early 90s when
Miramar was our parent company. We've got a state-of-the-art
manufacturing facility in Flippin , the strongest brand in the
boating industry and a very committed work force. We're in it for the
long haul."

Despite Hopper's optimism, the fact that Ranger's parent company filed
for bankruptcy blindsided many boat owners.

"I'm stunned," said Bassmaster Elite Series angler Denny Brauer, who
first learned of the bankruptcy filing Tuesday morning while he was
practicing for the SpongeTech Tennessee Triumph on Kentucky Lake. "It
just illustrates the times we're in. The boat and outboard motor
industry has been hurting for a while and this is just the latest bad
news."

Brauer's relationship with Ranger began in 1978 when, as an aspiring
Nebraska bass fisherman, he bought his first boat. Beginning in the
early 80s, after high finishes in Federation and Open tournaments,
Brauer became a member of the Ranger pro staff and dealt directly with
then-owners Forrest and Nina Woods.

Like many other Ranger owners, Brauer's brand loyalty extends beyond a
professional relationship.

"Genmar will get it straightened out, and I have no doubts that Ranger
Boats will survive these tough times," Brauer said. "Those guys build
too good a product and have such a loyal following to go under.
They'll probably come out leaner and meaner. I know I'll do whatever I
can to help them get through this rough period.

"They stood by me through the good times and the bad times and I'll do
the same for them."

  

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Genmar Chapter 11 [View all] , Henry Shorr, Thu Jun-04-09 08:16 PM
  RE: Genmar Chapter 11, SWMB8R, Jun 06th 2009, #1
RE: Genmar Chapter 11, Tm Customs, Jun 10th 2009, #2

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