In June of 2009, Genmar Holdings, the owner of Triumph Boats, declared a decision to file for Chapter 11 bankruptcy. The filing included more than 20 of the company's subsidiaries, including the boat lines of Four Winns, Larson, Triumph, Carver, Wellcraft, Stratos, Ranger, Glastron and others.
In the latest news, yesterday a Minneapolis bankruptcy court approved the sale of Genmar Holdings to be divided between Platinum Equity LLC., Irwin Jacobs (Genmar's former CEO who filed Chapter 11 and resigned late last year), and HydroBoats LLC. Jacobs purchased the Carver and Larson lines for $6.05 million despite the Official Committee of the Unsecured Creditors' bid that the offer be rejected.
No one yet knows what will happen to these lines of boats. Many owners who recently purchased from one of these boat lines are questioning what will happen with their warranties, parts and other issues. However, no statements are scheduled until after the sale closes, which is scheduled for January 20.
To be sure, it is disconcerting to see so many lines of boats affected. Triumph boats are best selling boats in their class due to their rugged durability. Similarly both Ranger and Stratos boats have been top picks in the J.D. Power and Associates Best Boats based upon customer satisfaction surveys of recent years. We can only hope that fine tradition of craftsmanship will be continued under the new ownership.
How about you? Does the bankruptcy and sale of Genmar holdings affect you? Weigh in with a comment below.
Comments
I would really like to know what is going on with the warranties. I just purchased a Larson the beginning of last summer. So this could be bad. I would hope they would stay loyal to their customers!
I purchased a Stratos Boat in June 2009 I am concerned about the warranties parts etc…
Where could i get info on status of the company.
Genmar blew a good thing. They were the most mis-managed organization in the marine industry. Lost of same management at plant levels that bankrupted OMC years ago. Greta decisions Genmar.
Why was I not notified that the company who made my Larson boat had filed for bankrupcy protection. I love the boat and bought it partially because of the quality I saw in the Larson.
Have we discovered by now whether or not Larson will back their warrenties? I have been getting the run-around in my dealings with the company. Dont like the customer service I’ve seen so far. Some of their replies have been bordeline rude. What have others seen?
Thx
I am in the market buy a new boat I was looking over the Stratos line of bass boats. I guess I will go with a Nitro boat now. The Stratos dealer never said a word about the BK.
I just pursued a warranty claim with Larson on my 2006 boat which was denied. They explained that Genmar Holdings is responsible if I wished to pursue the warranty, knowing full well that Genmar no longer has an interest in Larson.
Bottom line. The warranties are not being honored. Bruce
We have a Larson 2006 Senza – need to get a warranty fix and not getting any where trying – This is not good Business – any one know if anyone is getting anhy where with warranties – We just found out now about all this !!!
We have a 2006 Larson that has blistering on the hull and Larson won’t come good for any warranty. This is going to cost me over $3000 to fix and Larson says “we know how you feel”. I’m so mad about this – there should be some recourse for existing owners – and prospective owners stay away from these boats!!
George, I am sorry to hear about your blistering problem. With an older boat, it is unlikely that you will get the repair covered by any boat manufacturer. If you leave your boat in the water without a proper epoxy barrier coat, and anti-fowling paint, the manufacturer will not cover it. I am only assuming that this is the case with your boat. I worked in the marine industry for years as a repairer and customer service rep for a manufacturer. Blistering is almost always a result of not adequately protecting your boat.