bankruptcy code 363 n

[mage lang="en|de|en" source="flickr"]bankruptcy code 363 n[/mage]

Platinum Equity: Recent Acquisitions and Future Prospects

Platinum Equity has recently completed the acquisition of a number of boat brands and related assets announced by Genmar Holdings, Inc. The transaction was pursuant to § 363 of the U.S. Bankruptcy Code and was completed by the U.S. Bankruptcy Court in the District of Minnesota on 13 January approved 2010th

Included in the acquisition were Stratos, Wellcraft, Glastron, Ranger, Stratos and Four Winns boat brands, transportation equipment and related property assets and manufacturing facilities located along with all related operations in Cadillac, Michigan, Flippin, Arkansas, and Murfreesboro, Tennessee

Transition and Support

According to Louis Samson, the Platinum principal at the investment position, the brands have gained loyal customer base, rich heritage and the opportunities, despite the challenges facing the boating industry in this growth period. Platinum With strong track record in helping companies face difficult transitions expected the company and looks forward to the acquired brands put on a path to long-term growth and profitability. In addition, the boot marks of Platinum Equity, be a company with many years of operational resources and supports a multi-billion dollar capital base.

Mr. Samson also finds that a Platinum Equity well-capitalized firms, leading to more than prepared this way in the maritime industry. The company has maintained a disciplined approach has over the years in the administration Portfolio company. Platinum Equity plans to continue supporting the economy and taking advantage of solid opportunities as they become available. The company feels that the maritime Industry has much potential and is excited to be part of it. In designing new strategies for the future of the acquired brands, is a Platinum Equity does everything to the Customers, suppliers, dealers to protect, and employees of those marks.

With the transition is under way, Platinum Equity currently in the process of establishing the former Genmar brands as a business apart and under a new company name. This new corporate identity and the details will be announced as the process progresses.

Organisation and management

David Huels, formerly senior vice president and CFO of Genmar has been appointed as President and Chief Financial Officer of the newly consolidated Investment company. According to Mr. Samson, with more than five years experience with David Hüls Genmar has the experience and demonstrated leadership qualities in a faculty the objectives of the company reach its peak. These characteristics make Mr. Huls lead the ideal candidate for the newly formed organization.

Mr. Huls has stated he is excited and honored to work with this opportunity and the ability to work with so many talented people. He feels that the partnership with Platinum is a first step towards the necessary stability needed to go forward and aggressively support the success and continued growth of the brands. Mr. Huls has further stated that the reconstruction of trust in the company while a number one priority. Prior to the acquisition proved to the challenges the employees, suppliers face and the distributor, be quite difficult, according to M. Huels. However, with hard work and a renewed spirit of cooperation, feels he is the entire organization will thrive as a whole.

Several leaders of the Fire Operations

With more than 20 years already under his belt, Randy Hopper will oversee Stratos Boats, Ranger Boats and Champion, and continues as President of the wood, a section set apart from other brands.

Jeff Olson is president of the Four Winns Wellcraft and will continue, while Mike O'Connell was taken as the Presiden Glastron Boats.

Platinum, the equity ratio is a decentralized organization structure and flattened, allowing for the independence of the brand management team – all the time without any efficiency. The combination of experienced Veterans of the industry and the Platinum team will ensure reliable positioning of the leading brands and the entire business in the future.

Completed sale of additional securities

Platinum Equity has confirmed his completion of the acquisition of certain assets from other Genmar Holdings. These assets were sold to J & D Acquisitions, LLC in a transaction that on 21 Was announced in January, 2010. J is D & Acquisitions by Jean-Paul DeJoria Irwin Jacobs and controlled. These were included in the divested Larson, Fincraft and Seaswirl boat brands and the Little Falls, Minnesota manufacturing facility attached to these brands; Located VEC Technology, LLC, with facilities in Greenville, Pennsylvania; the Seaswirl production facility and related assets in Culver, Ore. is, the Windsor Craft boat brand and related assets, and the Triumph boat brand and related assets.

Mr. Samson has said that Platinum Equity as pleased with the negotiations with Irwin Jacobs and his team. The entire process was quick and efficient. Platinum Equity feels that the most logical owner of the assets of J & D. According to Mr. Samson should have Irwin Jacobs, a passion for the boating industry and an extreme amount of loyalty to the Little Falls plant the community and its people. With the current regime in power, the system can remain in Little Falls and running, which will be protected for so many jobs, the number otherwise have lost their livelihoods. Platinum Equity is proud to have played a role, the final solution.

About the Author

Learn more about Tom Gores and Platinum Equity’s future prospects, both in acquisitions and turning around boating brands.

A Comparison Shopping Guide for 363 Sales $35.00 In today’s economic climate, sales conducted in bankruptcy are, or are soon to be, a shopping-lover’s paradise for the bargain-hunter. The best deals, however, will go to the most informed. The Comparison Shopping Guide for 363 Sales provides an in-depth review and analysis of asset sales approved pursuant to §363 of the Bankruptcy Code in various industries and in numerous jurisdictions acro…