Jan. 20 is marked as the closing date for the Genmar bankruptcy sale, which means today, Genmar Holdings, Inc. is officially dissolved.
It also means that all current Genmar employees are no longer employed with the company and must apply for rehire. It's not clear what form that process will take – whether it'll be different for the Platinum-owned brands, or the Hydra-Boats or J&D Acquisitions brands. It's also unclear whether employees would lose seniority, receive compensation for accrued vacation and sick time, enjoy a health-insurance carryover or other such benefits.
There's rarely good news in a bankruptcy. The unsecured creditors – those whose livelihoods in many cases depended on the outstanding invoices from Genmar – will not recoup the estimated $100 million-plus in outstanding debt. Also likely is a shuffling of manufacturing centers, perhaps the additional sale of brands and manufacturing facilities, maybe the shuttering of some brands, changes in the dealer networks – the list goes on.
Hope from the BassFan staff goes out to all those who've suffered through the bankruptcy. May better times lie ahead.
