Brunswick Buying Bankrupt Dealer

lwrandall · Aug 26, 2008

Another if you can't beat them join them story...

Brunswick bids on bankrupt dealer chain

Boating Industry
Tuesday August 26, 2008

REDMOND, Calif. – Boating industry giant Brunswick Corp. may be getting into the boat retail business, according to an article today in the Seattle Times.

No, it’s not putting in an offer to buy MarineMax, the boat retail chain often assumed to be its largest boat customer. In fact, the boat building firm has submitted a $48-million offer to buy the bankrupt Olympic Boat Centers – a major customer with 21 dealerships in California, Washington and British Columbia – according to the newspaper. Brunswick currently owns 12 percent of OBC Holdings, Olympic Boat Centers’ parent company.
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While the dealerships remain in business, OBC Holdings filed for bankruptcy protection in mid-July, claiming assets between $10 million and $50 million and debts between $50 million and $100 million.

David Shemano, the attorney for Olympic’s unsecured creditors, told the newspaper that the offer is “less than adequate.” It would provide $47 million to GE Commercial Distribution Finance, a secured creditor. That leaves less than $1 million to pay for bankruptcy costs and to be split amongst the unsecured creditors, according to the newspaper.

Shemano said he expects the auction of Olympic's assets to be scheduled for Sept. 23.
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Pascal · Aug 26, 2008

thread title is a little misleading, it's Brunswick, not Hatteras, which made the offer.

and isn't Brunswick already part owner in Marine Max?

YachtForums · Aug 26, 2008

Pascal said:

thread title is a little misleading, it's Brunswick, not Hatteras, which made the offer.
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Title edited.

lwrandall · Aug 26, 2008

Thanks, I knew that title could be a little misleading. That was not my intention. Just wanted to point out who their major stone in their crown was.

Loren Schweizer · Aug 27, 2008

What Brunswick Corp. owns, FWIW:

Headquartered in Lake Forest, Ill., Brunswick Corporation brands include Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Teignbridge propellers; MotoTron electronic controls; Albemarle, Arvor, Baja, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner, HarrisKayot, Hatteras, Laguna, Lowe, Lund, Maxum, Meridian, Örnvik, Palmetto, Princecraft, Quicksilver, Savage, Sea Boss, Sea Pro, Sea Ray, Sealine, Triton, Trophy, Uttern and Valiant boats; Attwood marine parts and accessories; Land ‘N’ Sea, Kellogg Marine, Diversified Marine and Benrock parts and accessories distributors; IDS dealer management systems; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables; and Valley-Dynamo pool, Air Hockey and foosball tables.

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Brunswick Buying Bankrupt Dealer

lwrandall senior member

Pascal Senior Member

YachtForums Administrator

lwrandall senior member

Loren Schweizer YF Associate Writer