Carver president: "It won't be a liquidation; it will be a sale"
By IBI Magazine
The president of the Genmar Yacht Group, comprised of the Carver and Marquis brands, told local media that he expects the two brands to emerge from Genmar's bankruptcy auction intact. "It won't be a liquidation out here; it will be a sale," Bob VanGrunsven told the Green Bay Press Gazette. "We will have a new owner. There's value here and there are groups out there that believe there is a value they'd like to obtain." Carver and Marquis were not included among the brands that Platinum Equity, the stalking horse bidder, said they wanted to acquire at the bankruptcy auction sale on January 7. Platinum submitted a bid of US$55m. But former Genmar chairman Irwin Jacobs told IBI that he would be bidding on the Carver and Marquis facilities in Pulaski, Wisconsin. Genmar acquired Carver in 1991. "It's going to be mid-January before we get the whole thing figured out," VanGrunsven said. "It's been a rollercoaster, but we're getting to the end of this. In January we will be able to get our feet back on the ground, and it will take some weeks to restart the operation, but I'm confident we will do that." VansGrunsven said he expects Carver/Marquis to be a "smaller business". The company is currently replacing parts and working on several vessels. "We have a very small crew working," VanGrunsven said, adding that he expects to ship two boats this week.
(15 December 2009)
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