Ranger Boats Files for Bankruptcy

[proangler]

The president of Ranger Boats in Flippin said Tuesday that the Chapter 11 filing originated by its privately held parent company will have little impact on the company's operations.

Randy Hopper, president of the fiberglass fishing-boat manufacturer, said while the economy remains grim for the overall boating industry, his segment is better positioned.

The National Marine Manufacturers Association projects a 35 percent drop in new boat sales in the year-over-year comparison for the year that ended April 30, 2009.

Click here for more details>> http://www.proangler.com/category_s/276.htm

Ranger boat owners, what do you think?

Thanks,

Steve

[Anonymous]

As long as they keep building boats all should be ok.

I thought about buying a new Ranger in '02, but bought a new engine instead. I like my '88 360.

[Desertcreek]

Ranger didn't file for Bankruptcy! Genmar, which is the holding company for Ranger and 13 other brands filed for Chapter 11 bankruptcy protection. Chapter 11 bankruptcy protection and bankruptcy (chapter 7 & 13) are very different and means very little to Ranger owners. The most recognizable name in bass fishing boats isn't going anywhere.

[proangler]

Ranger motion: Textron objects 7/6/2009
An update on the Genmar bankruptcy proceedings:

Last week, Genmar filed a motion requesting that Ranger Boats be allowed to pay about $1 million in certain pre-petition costs related to the marketing and promotion of Ranger boats. Specifically, Genmar sought permission to pay accumulated costs related to sportswear for Ranger buyers, sponsorship monies for pro-angler staff, plus award boats for tournament sponsorship.

Textron, a Genmar creditor, filed a limited objection to the motion last Friday, which means the motion and the limited objection will be heard in court today.

In its objection, Textron stated it could be owed as much as $24 million by Genmar, and "In Textron's judgment, consideration of the Prepetition Promotional Claims should be delayed until the Debtors can demonstrate the likelihood of a successful reorganization, including the payment of a meaningful dividend to unsecured creditors."

Textron also stated in the limited objection: "In principle, Textron does not quarrel with the Debtors' assessment as to the importance of preserving the value of the Ranger Boat franchise. Laudable as the Debtors' stated goal may be, Textron is growing increasingly concerned about the mounting level of pre-petition claims that have received preferential treatment by the Debtors, now approaching $9 million in the aggregate."

In simpler language, Textron previously extended credit to Genmar (and thus Ranger) to finance its dealer floorplans. And although it's in Textron's interest to see a strong Genmar emerge from bankruptcy, Textron feels Genmar has "demonstrated little, if any, discernable progress toward development of a business plan that offers promise for a successful reorganization," and thus wants payment before allowing Ranger to pay the $1 million in existing promotional claims.

The limited objection, and the original motion, signify the bankruptcy's most immediate effect on professional and amateur bass fishing, as the embattled monies are those tied directly to the sport.

More will be published on the proceedings after today's hearing.

Source: http://www.bassfan.com/docktalk.asp?id=6478

[proangler]

Good News for Pro's

Ranger okay to pay 7/7/2009
The U.S. Bankruptcy Court of Minnesota issued its order on Genmar's motion to let Ranger pay outstanding pre-petition costs associated with promotion, pro staffs and tournament sponsorship.

The verdict: Textron's limited objection was overruled and it's full speed ahead for Ranger this year.

Specifically, Judge Dennis O'Brien's order grants Ranger permission to pay:

# Up to $140,000 in sportswear certificates

# Up to $95,000 in cash prizes and $150,000 in certificates issued as part of the Ranger Cup program

# Up to $26,185 in obligations owed to professional anglers

# Up to $30,000 in advertising related to sponsorship of fishing tournaments

# Up to $500,000 in prize boats certificates relating to sponsorship of fishing tournaments and other organizations that promote the sport of fishing in the United States.

It's not clear yet whether the $500,000 figure refers to the Forrest Wood Cup Ranger bonus, since that bonus is traditionally paid in cash.

Source = Bass Fan - Click Here