Genmar granted permission to reimburse stalking horse buyer $700,000

By Lisa Kerner

Charlotte, N.C., Nov. 4 - Genmar Holdings, Inc.'s request to reimburse some expenses up to $700,000 to a potential stalking horse buyer was approved by the U.S. Bankruptcy Court for the District of Minnesota during a hearing on Wednesday, said an attorney close to the case.

As previously reported, Genmar said in its motion seeking approval that the reimbursement is "appropriate under and reasonable under the circumstances to compensate the potential stalking horse for the time, effort, expense and risk that it will incur in negotiating, documenting and seeking to consummate the proposed sale transaction."

Genmar is a Minneapolis-based boat manufacturer. It filed for bankruptcy on June 1. The Chapter 11 case number is 09-43537.

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