Genmar receives shorter-than-requested exclusivity extension

By Caroline Salls

Pittsburgh, Sept. 24 - Genmar Holdings, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Minnesota.

The company's exclusive filing period was extended to Nov. 4 and the solicitation period to Jan. 3.

The company initially requested an extension of the filing period to Dec. 31 and the solicitation period to Feb. 28.

However, the official committee of unsecured creditors raised an objection to the extension but agreed to the shorter exclusive period.

A hearing on the balance of the extension will be held on Nov. 4.

The exclusive periods were previously scheduled to expire 120 days and 180 days from the June 1 bankruptcy filing date, respectively.

According to the motion, the company has begun to implement exit strategies, including a recapitalization plan and asset sale.

However, Genmar said these transactions are not expected to be solidified or close until the middle of December.

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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