Mike Michalak
02-06-2001, 05:39 AM
Just an FYI...here's the latest on OMC as reported in the Waukegan News Sun.
An Elkhart, Ind., boat manufacturer has made a $33 million bid for five boat companies owned by bankrupt Outboard Marine Corporation. OMC is headquartered in Waukegan.
The Godfrey Conveyor Company Inc., submitted two bids for the following OMC boat divisions: Four Winns and Lowe at $22.5 million; and Chris Craft, Seaswirl and Hydra-Sports at $10.3 million.
An announcement on bids for the engine business was expected at today's auction at the law offices of Skadden, Arps, Slate, Meagher & Flom in Chicago.
A hearing to approve today's sales will be held by U.S. Bankruptcy Court in Chicago Thursday.
Other companies which made bids on OMC assets include S&S Acquisition, LLC, in the amount of $1.5 million for the Hydra Sports boat division, including transportation equipment; and Tracker Marine LLC, which submitted a bid for $2.5 million for the Stratos/Javelin boat division.
Tracker Marine, with manufacturing plants throughout Missouri, is owned by Bass Pro Shops mogul John L. Morris.
A onetime leader in the recreational marine industry, OMC filed for Chapter 11 bankruptcy on Dec. 22, after laying off 1,000 workers nationwide — including about 1,200 wage earners at its Waukegan headquarters. The company has shut down manufacturing operations at its engine and boat-building facilities in the Midwest and Southeast.
Johnson Motors moved its manufacturing facility from South Bend, Ind., toWaukegan in 1927 and the company grew on a sprawling 114-acre site alongthe city's Lake Michigan lakefront. After merging with Milwaukee-based Evinrude, the company became Outboard Marine Corp. after merging with Milwaukee-based Evinrude.
Financial analysts were warily watching OMC after a group of investors ledby global financier George Soros outbid Roger Penske's Detroit Diesel Co.in 1997 and took the boat and outboard engine manufacturer private.
Analysts predicted the firm would sell off parts of the company piecemeal, perhaps to competitor Brunswick Corp., based in Lake Forest, which manufactures Mercury engines, or to foreign buyers or management-led ventures. A liquidation was expected to attract high-profile bidders including Yamaha, Bombardier, Suzuki, Nissan and Toyota corporations.
The city of Waukegan has asked to meet with state and federal Environmental ProtectionAgency officials to discuss the OMC property on the lakefront, according toRuss Tomlin, city planning director.
An Elkhart, Ind., boat manufacturer has made a $33 million bid for five boat companies owned by bankrupt Outboard Marine Corporation. OMC is headquartered in Waukegan.
The Godfrey Conveyor Company Inc., submitted two bids for the following OMC boat divisions: Four Winns and Lowe at $22.5 million; and Chris Craft, Seaswirl and Hydra-Sports at $10.3 million.
An announcement on bids for the engine business was expected at today's auction at the law offices of Skadden, Arps, Slate, Meagher & Flom in Chicago.
A hearing to approve today's sales will be held by U.S. Bankruptcy Court in Chicago Thursday.
Other companies which made bids on OMC assets include S&S Acquisition, LLC, in the amount of $1.5 million for the Hydra Sports boat division, including transportation equipment; and Tracker Marine LLC, which submitted a bid for $2.5 million for the Stratos/Javelin boat division.
Tracker Marine, with manufacturing plants throughout Missouri, is owned by Bass Pro Shops mogul John L. Morris.
A onetime leader in the recreational marine industry, OMC filed for Chapter 11 bankruptcy on Dec. 22, after laying off 1,000 workers nationwide — including about 1,200 wage earners at its Waukegan headquarters. The company has shut down manufacturing operations at its engine and boat-building facilities in the Midwest and Southeast.
Johnson Motors moved its manufacturing facility from South Bend, Ind., toWaukegan in 1927 and the company grew on a sprawling 114-acre site alongthe city's Lake Michigan lakefront. After merging with Milwaukee-based Evinrude, the company became Outboard Marine Corp. after merging with Milwaukee-based Evinrude.
Financial analysts were warily watching OMC after a group of investors ledby global financier George Soros outbid Roger Penske's Detroit Diesel Co.in 1997 and took the boat and outboard engine manufacturer private.
Analysts predicted the firm would sell off parts of the company piecemeal, perhaps to competitor Brunswick Corp., based in Lake Forest, which manufactures Mercury engines, or to foreign buyers or management-led ventures. A liquidation was expected to attract high-profile bidders including Yamaha, Bombardier, Suzuki, Nissan and Toyota corporations.
The city of Waukegan has asked to meet with state and federal Environmental ProtectionAgency officials to discuss the OMC property on the lakefront, according toRuss Tomlin, city planning director.