Genmar Files for Bankruptcy...

ApS · 06-09-2009, 05:21 AM

This bankruptcy doesn't affect me, but owners of these yachts and boats below should be advised:

Carver, Marquis, Windsor Craft, Four Winns, Glastron, Larson, Hydra Sports, Sea-Swirl, Wellcraft, Champion, Ranger, Stratos, Triumph, and FinCraft brands.

Laid off: One thousand employees.

Cal · 06-09-2009, 02:54 PM

The economy has taken its toll , for sure. Worst part is , it probably not over yet. As a Formula owner , I know they have laid off quite a few too

Hope the good ones survive

Rinkerfam · 06-09-2009, 09:29 PM

I wonder if Genmar will shed some of it's less profitable brands like GM. Maybe after the restructure it will emerge as a leaner, meaner Govmar

4Fun · 06-10-2009, 08:58 AM

What a lousy article written by someone who has NO clue about boating.

"Draw a bath on my Carver Yacht". Give me a break.

I read a better article that said they are restructuring and it's "business as usual" at Genmar" Winnisquam marine is very optimistic about the situation. All warranty work is being paid.

LIforrelaxin · 06-10-2009, 09:41 AM

The key here is to understand what type of backruptcy they filed for. Chapter 11 is a restructuring bankruptcy. It indicates that the company has taken a bad term, the need to restructer themselves and have some pertection for creditors while they do that.

Warranty work should continue to be piad, and honored..... as indicated in a earlier post, from a comment made by Winnisquam Marine.

Many companies file Chapter 11, it doesn't mean they are ready to go belly up.....

A notable company still around after Chapter 11........ Sears.......

BrownEyedGirl · 06-16-2009, 10:47 PM

Quote:

Originally Posted by LIforrelaxin

The key here is to understand what type of backruptcy they filed for. Chapter 11 is a restructuring bankruptcy. It indicates that the company has taken a bad term, the need to restructer themselves and have some pertection for creditors while they do that.

Warranty work should continue to be piad, and honored..... as indicated in a earlier post, from a comment made by Winnisquam Marine.

Many companies file Chapter 11, it doesn't mean they are ready to go belly up.....

A notable company still around after Chapter 11........ Sears.......

Correct. Another notable company that filed for Chapter 11 bancruptcy is K-Mart. Chapter 7 is the very end of the road where owners should start to be concerned. Chapter 11 is like you said, restructuring. Laying off workers is unfortunately a normal part of that "restructure".

fatlazyless · 07-10-2009, 05:52 PM

"We are giving them away"

Newly changed sign message on the Lakeport Landing marquee along Union Ave in Laconia.. Lakeport Landing is a Formula Dealer. Do not know if Genmar makes Formula boats but it seems like an unusual sign.

Got to get right down there, first thing tomorrow morning. Hopefully, Formula makes an all aluminum go-fast with some quiet exhaust like a stealthy super bass boat for sneak'n up on a small mouth!

"We are giving them away" ......shazzamm!

trfour · 07-10-2009, 08:47 PM

Quote:

Originally Posted by fatlazyless

"We are giving them away"

Newly changed sign message on the Lakeport Landing marquee along Union Ave in Laconia.. Lakeport Landing is a Formula Dealer. Do not know if Genmar makes Formula boats but it seems like an unusual sign.

Got to get right down there, first thing tomorrow morning. Hopefully, Formula makes an all aluminum go-fast with some quiet exhaust like a stealthy super bass boat for sneak'n up on a small mouth!

"We are giving them away" ......shazzamm!

fatlazyless sent you. They'll give you the whole place!

06-09-2009, 05:21 AM	#1
ApS Senior Member Join Date: Jan 2005 Location: Florida (Sebring & Keys), Wolfeboro Posts: 6,039 Thanks: 2,281 Thanked 788 Times in 564 Posts	Genmar Files for Bankruptcy... This bankruptcy doesn't affect me, but owners of these yachts and boats below should be advised: Carver, Marquis, Windsor Craft, Four Winns, Glastron, Larson, Hydra Sports, Sea-Swirl, Wellcraft, Champion, Ranger, Stratos, Triumph, and FinCraft brands. Laid off: One thousand employees. __________________ Is it "Common Sense" isn't.

06-09-2009, 02:54 PM	#2
Cal Senior Member Join Date: Apr 2004 Location: Pitman , NJ Posts: 627 Thanks: 40 Thanked 21 Times in 12 Posts	The economy has taken its toll , for sure. Worst part is , it probably not over yet. As a Formula owner , I know they have laid off quite a few too Hope the good ones survive __________________ Paddle faster , I think I here banjos

06-09-2009, 09:29 PM	#3
Rinkerfam Senior Member Join Date: Apr 2004 Posts: 268 Thanks: 0 Thanked 14 Times in 8 Posts	I wonder if Genmar will shed some of it's less profitable brands like GM. Maybe after the restructure it will emerge as a leaner, meaner Govmar __________________ Education is hanging around 'til you've caught on - Frost

06-10-2009, 09:41 AM	#5
LIforrelaxin Senior Member Join Date: May 2006 Location: Texas, Lake Ray Hubbard and NH, Long Island Winnipesaukee Posts: 2,923 Thanks: 1,053 Thanked 901 Times in 531 Posts	The key here is to understand what type of backruptcy they filed for. Chapter 11 is a restructuring bankruptcy. It indicates that the company has taken a bad term, the need to restructer themselves and have some pertection for creditors while they do that. Warranty work should continue to be piad, and honored..... as indicated in a earlier post, from a comment made by Winnisquam Marine. Many companies file Chapter 11, it doesn't mean they are ready to go belly up..... A notable company still around after Chapter 11........ Sears....... __________________ Life is about how much time you can spend relaxing... I do it on an island that isn't really an island.....

07-10-2009, 05:52 PM	#7
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,935 Blog Entries: 1 Thanks: 307 Thanked 1,056 Times in 769 Posts	"We are giving them away" Newly changed sign message on the Lakeport Landing marquee along Union Ave in Laconia.. Lakeport Landing is a Formula Dealer. Do not know if Genmar makes Formula boats but it seems like an unusual sign. Got to get right down there, first thing tomorrow morning. Hopefully, Formula makes an all aluminum go-fast with some quiet exhaust like a stealthy super bass boat for sneak'n up on a small mouth! "We are giving them away" ......shazzamm! __________________ .... Banned for life from local thrift store!

06-10-2009, 08:58 AM	#4
4Fun Senior Member Join Date: May 2006 Posts: 283 Thanks: 1 Thanked 66 Times in 38 Posts	What a lousy article written by someone who has NO clue about boating. "Draw a bath on my Carver Yacht". Give me a break. I read a better article that said they are restructuring and it's "business as usual" at Genmar" Winnisquam marine is very optimistic about the situation. All warranty work is being paid.