CWS
01-24-2001, 10:10 AM
For those interested I pulled this off of RBBI.com
OMC has posted full details concerning the bidding procedures and divisions of OMC for sale. The assets will be sold in at least 14 separate lots as well as being offered in three groupings.
Largest Groupings
All their assets and business as a single unit
Engine Business
Boat Business
The Engine Business will also be offered in four pieces:
Manufacturing operations in whole or in part
-Evinrude and Johnson tradenames
-Any and all licenses to the FICHT technology
-Parts and accessories business
The Boat Business will also be offered in seven pieces:
-Four Winns
-Chris Craft
-Stratos/Javelin
-Lowe
-Hydrasport
-Seaswirl
-Princecraft
They also reserve the right to cut the whole thing into any pieces they determine will result in the highest or otherwise best bid.
Bids are to be in by 4PM eastern time Jan 26th. Sellers will announce the terms of highest and best qualified bids 12PM Jan 2. Sellers may extend the deadline, but are not obligated to do so.
After all the qualified bids have been received, sellers will conduct an auction on any assets receiving a qualified bid. This auction will take place 9AM Feb 5th in Chicago or at a later time and designated place. Only qualified bidders are eligible to participate.
At the conclusion of the auction, OMC financial and business advisors with agreement from the lenders and the Bankruptcy Committee will review all the qualified bids and identify the highest or best offer or group of offers and present their findings at the Bankruptcy Court Sale Hearing (Feb 8th 2PM Chicago) for approval. No sales will be final until approved by the Bankruptcy Court.
OMC has posted full details concerning the bidding procedures and divisions of OMC for sale. The assets will be sold in at least 14 separate lots as well as being offered in three groupings.
Largest Groupings
All their assets and business as a single unit
Engine Business
Boat Business
The Engine Business will also be offered in four pieces:
Manufacturing operations in whole or in part
-Evinrude and Johnson tradenames
-Any and all licenses to the FICHT technology
-Parts and accessories business
The Boat Business will also be offered in seven pieces:
-Four Winns
-Chris Craft
-Stratos/Javelin
-Lowe
-Hydrasport
-Seaswirl
-Princecraft
They also reserve the right to cut the whole thing into any pieces they determine will result in the highest or otherwise best bid.
Bids are to be in by 4PM eastern time Jan 26th. Sellers will announce the terms of highest and best qualified bids 12PM Jan 2. Sellers may extend the deadline, but are not obligated to do so.
After all the qualified bids have been received, sellers will conduct an auction on any assets receiving a qualified bid. This auction will take place 9AM Feb 5th in Chicago or at a later time and designated place. Only qualified bidders are eligible to participate.
At the conclusion of the auction, OMC financial and business advisors with agreement from the lenders and the Bankruptcy Committee will review all the qualified bids and identify the highest or best offer or group of offers and present their findings at the Bankruptcy Court Sale Hearing (Feb 8th 2PM Chicago) for approval. No sales will be final until approved by the Bankruptcy Court.