Genmar Files for Bankruptcy Protection

Chris

Chris

Administrator
Staff member
Rather shocking news, but yet another sign of how tough the economic conditions are...

Genmar Holdings has filed for Chapter 11 bankruptcy protection.

Here's a few links to further stories on the filing....

http://minnesota.publicradio.org/display/web/2009/06/02/genmar_little_falls/

http://www.boating-industry.com/output.cfm?ID=2172997

Genmar is one of the largest boat builders in the world.

Here is a partial list of some of Genmar's brands...

Ranger Boats, Four Winns, Glastron, Larson, Wellcraft, Carver Yachts, Seaswirl, Stratos, Hydra-Sports, Triumph, Champion, Fincraft, Windsorcraft & Marquis.

-Chris
 
Dale

Dale

Member
Genmar bankruptcy reorganization plans

That's rather upsetting news to hear 3 weeks after purchasing a new 22ft Larson. It sounds as if they have a sound plan to come out the other side OK.

I just wish the dealer I purchased from would have been honest and told me ahead of time. It most definitely would have given me pause. it's probably better I didn't know

Oh well, I guess the only thing to do now is be positive about it and know that I contributed some revenue to them because I sure am loving this boat.
 
204 Escape

204 Escape

Active Member
Dale,

Wbought a new leftover LARSON, and encountered a few seating issues. as told by the warranty dept., that basically for warranty problems, we were on our own.

"My dealer says other wise" !! :cheers:

I believe that me and my dealer, would have an "understanding" !!!:yell:

To me that is "mis-representation" !!!!!

I can tell you this!!!!!! The bozo's that make LARSON's seats need a good house cleaning. They make more mistakes than anyone I have ever seen.

Example: Our deck boat, has "2" seperate sun pads. When we ordered a new back rest, they sent the sun pad ATTACHED to the seat back !!!!!!!!!!!!!!!!!!!!!!! NOT. They had to re-do it. This was NOT the first mistake !!!!!

Let me know how your in floor locker (if you have one), does. Ours does NOT drain water all the way. (Another problem).

I will say thi. The situations have all been taken care of so far, BUT, it's damn aggrivating !!!!!!

Something to keep an ear ot for, is the alarms on the boat, that warn you when fluids are low. There were "5" other boats at the dealership, that the alarms were like mine. Just went off intermittantly !!!!!! That will be taken care of in a few days.

WHAT boat did you get ??
 
Dale

Dale

Member
Genmar bankruptcy reorganization plans

I had a (Coming to Jesus Meeting) with our dealer today. He's convinced Genmar will be fine when it's all said and done. He said he has had no problems with getting warranty things covered through them.

Also he has promised that he will cover everthing even if they don't. I'm asking for it in writing from the owner.

We bought an 08 Senza 226. I love the boat and it runs great. We've had it out a few times without any problems. The floor locker seems to be fine. I haven't found any left over water in there. No alarms yet either.

I'm sorry to hear you're having so many issues. I'll let you know if anything happens.
 
204 Escape

204 Escape

Active Member
We have a great dealer!! That being said, we haven't had a "bad" experience with the warranty dept., it's just sad to see a "sub-contractor" screw up so much !!!! The "uto this is, I have "extra seats for replacements", AND enough material to make a bow cushion, AND a "extra" seat back for in front of the engine compartment.

What color is your interior.

I tried to figure out how to post pics a while back of mine, as I had gotten some interior shots, but I just can't get it to work for me.

I guess the computer has me beat !!!!!!!!! :brickwall:
 
Dale

Dale

Member
I took some pics. If I can figure out how to do it I'll post them in the Larson forum.
 
Dale

Dale

Member
Genmar bankruptcy reorganization plans

I went to Genmar's website and found the Senior VP/General Mgr of Larsons email, so I wrote to him regarding Larson honoring thier warranties. You'll find his reply below.

So you better understand our trim gauge sending unit quit working is what he is replying to in the email. My dealer say's it is on backorder from Volvo.

Dale,

Thank you for the inquiry. First and foremost, let me assure you that your purchase was a sound one and that Larson is standing behind their warranty commitments. This was approved by the Courts within approximately the first week after filing for CH 11 reorganization. Since that time we have been honoring all warranties and have had no changes or limitations due to the reorganization. Also Larson has continued to build and sell boats since the filing. We currently have our 2010 models being built and shipping to dealers all over the world. We definitely are planning to go forward as a strong company.
Regarding your trim gauge, first we apologize that it quit. That certainly is not what our expectations are and assure you we will take care of it. I believe there are a couple reasons as to the back order situation. Richard’s Marine, which we are very proud to have as a Larson Dealer, is a relatively new dealer for Larson and therefore probably did not have that item in their parts inventory. The trim gauge is not a common item to breakdown. Volvo’s past record has always been outstanding on getting parts to our dealers in a very timely fashion, so we certainly do not expect any issues with this.
If you have any questions regarding any other issues on your boat, please feel free to contact me. If I do not know the answers I certainly will find someone who can assist us.

Again, Thank you for your inquiry and Thank you for purchasing a Larson Boat. We will do everything we can to assist you in having a wonderful experience with your Larson.

Sincerely,

Jim

Jim Antolik

Larson Boats
Vice President / General Manager
320-632-1448-office
320-630-5414-cell
jantolik@larsonboats.com
 
Chris

Chris

Administrator
Staff member
There's been some developments with regard to Genmar.

Firstly, Genmar were reportedly unable to reach an agreement with their unsecured creditors after filing for chapter 11 bankruptcy protection. That in turn has lead Genmar to look for buyers for the company.

Here's a link to an article related to that point.

http://www.startribune.com/business/69012422.html

Secondly, Irwin Jacobs has resigned his position as Chief Executive Officer of Genmar, a move which will allow Jacobs to bid in an attempt to repurchase the company without any conflicts of interest.

Here's another link to a second article related to that point. :)

http://www.startribune.com/business/69618622.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUUJ

-Chris
 
B

bigredinohio

Member
Wow, I didn't know so many names were effected with this, especially Glastron and Ranger. It suxs to hear regardless of the manufacturer!!!
 
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