A sale approval hearing for the assets of Genmar Holdings was scheduled to begin at 10:30 a.m. this morning in U.S. bankruptcy court in Minneapolis.
Last week, after an auction lasting two days, it was announced that California-based Platinum Equity had purchased the majority of Genmar Holdings' assets for $70 million. Carver and Marquis were purchased for $6.05 million by J&D Acquisitions. MCBC Hydra Boats, a subsidiary of Wayzata Investment Partners, purchased Hydra-Sports for $1 million.
J&D Acquisitions is a company founded by Genmar founder Irwin Jacobs and billionaire businessman John Paul DeJoria. Wayzata Investment Partners also owns MasterCraft Boat Co.
"Based on the debtors' evaluation of the bids submitted and the results of the auction, the debtors have determined that the bids submitted by the following 'prevailing bidders' are the highest and best bids submitted and respectfully request that the court approve them as the prevailing bidders," Genmar said in a report on the auction filed with the court.
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Last week, after an auction lasting two days, it was announced that California-based Platinum Equity had purchased the majority of Genmar Holdings' assets for $70 million. Carver and Marquis were purchased for $6.05 million by J&D Acquisitions. MCBC Hydra Boats, a subsidiary of Wayzata Investment Partners, purchased Hydra-Sports for $1 million.
J&D Acquisitions is a company founded by Genmar founder Irwin Jacobs and billionaire businessman John Paul DeJoria. Wayzata Investment Partners also owns MasterCraft Boat Co.
"Based on the debtors' evaluation of the bids submitted and the results of the auction, the debtors have determined that the bids submitted by the following 'prevailing bidders' are the highest and best bids submitted and respectfully request that the court approve them as the prevailing bidders," Genmar said in a report on the auction filed with the court.
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