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Old    Chris Butler (xistential)      Join Date: Jul 2007       06-30-2009, 1:11 PM Reply   
Think this is the way to go?

http://www.tradeonlytoday.com/home/498708-mastercraft-plan-avoids-bankruptcy-filing
Old    Luker (xbones)      Join Date: Mar 2007       06-30-2009, 1:16 PM Reply   
I should help with liquidity for the short term... I'm kinda surprised the vendors agreed, but I quess if MC is a large customer they have a vested interest in the company staying afloat.
Old    H2O Pro Accessories (h2oproaccessories)      Join Date: Sep 2007       06-30-2009, 1:17 PM Reply   
I think so.... Those vendors want Mastercraft to Stay in business. It shows that they are trying. Nobody wants to file for bankruptcy and nobody want any of their buyers to go bankrupt. I'm sure most of the vendors will work with them.
Old    Soli (nsolis220)      Join Date: May 2007       06-30-2009, 1:58 PM Reply   
most time Dave when these big holding companies have these brands hey keep them as seperate corporations so the parent company has no liabilty beyond what they invested into the company. Its a smart tactic. So in this case they could have just let them go. nd vendors get the liquidated assets which may not be much.
Old    David Williams (wakeworld)      Join Date: Jan 1997       06-30-2009, 2:03 PM Reply   
Sorry, I deleted my post cuz I don't even know if Penske still owns MasterCraft, especially since they aren't mentioned in that article. Does anyone know? Seems like Penske just bought it a year or so ago.
Old    David Williams (wakeworld)      Join Date: Jan 1997       06-30-2009, 2:18 PM Reply   
Let me try again...

It would be pretty difficult to have an opinion on it without knowing all the facts about MasterCraft's financials, as well its parent company. If they can get their vendors to agree, it seems like a pretty clever way to free up some cash and get some breathing room. However, as a vendor, I'd probably only agree to the deal if I had a real fear of them going out of business and leaving me holding the bag. If they have a parent company with deep pockets (I have no idea how deep their pockets are), the vendors would have to be convinced that the parent company would be willing to cut MasterCraft loose and send them into bankruptcy rather than feed them some more money in an effort to keep them around.

Obviously, I'm making a ton of assumptions in my little analysis there, so take it for what it's worth. Hopefully, they get it figured out soon and production gets up and running again. Nobody benefits from MasterCraft going bankrupt.
Old    John Gardner (roverjohn)      Join Date: Dec 2007       06-30-2009, 2:23 PM Reply   
They must have VERY few venders. Maybe they do their buying through some sort of shell company.
Old    Chris Butler (xistential)      Join Date: Jul 2007       06-30-2009, 2:28 PM Reply   
This is MC finally now out in the open. I think the other boat companies are probably just hanging by their fingernails as well.
Old    Michael Hunter (mhunter)      Join Date: Mar 2008       06-30-2009, 4:37 PM Reply   
I wonder how this will affect the warranty, parts and service. Vendors may not want to extend more credit to a company that doesn't pay their bills.
I wish I could improve my cash flow by telling my creditors to take 35% less or wait a year for payment?
Old    AMO (amo)      Join Date: Jan 2009       06-30-2009, 5:25 PM Reply   
Well, I was almost right, or should I say "my source" was almost right. Bummer, didn't want this to happen. Hopefully this plan will work for them.
Old    Phatboypimp (phatboypimp)      Join Date: Apr 2005       06-30-2009, 6:14 PM Reply   
With Bankruptcy the vendors get nothing....that is why they agreed.
Old    David Williams (wakeworld)      Join Date: Jan 1997       06-30-2009, 6:41 PM Reply   

quote:

With Bankruptcy the vendors get nothing


That is not true.

And from what I can tell from that article, it doesn't say anything about the vendors actually agreeing to go along with it. It just talks about MasterCraft asking them to do so.
Old     matt c (curtisco24)      Join Date: Dec 2005       06-30-2009, 7:22 PM Reply   
they will agree or get very little. As far as an empty factory it was full a few months ago.
Old    Ridin Dirty (duffy)      Join Date: Feb 2006       06-30-2009, 8:02 PM Reply   
This kind of stuff irritates me, it's just like all the other cooperations in America, their not losing money as in being in the negative, their losing profit and claiming loss. It's all BS and I don't care what anyone says...
Old    Lou Ferraro (ferral)      Join Date: Sep 2007       06-30-2009, 8:43 PM Reply   
I suppose to make a claim like that you must have access to their balance sheet. Its a good thing you don't care what anyone else says.
Old    Erik (kinger)      Join Date: Jun 2007       07-01-2009, 7:09 AM Reply   
WHAT "their not losing money...their losing profit" I think your posting privileges should be revoked, that doesn't even make sense.
Old    Michael Hunter (mhunter)      Join Date: Mar 2008       07-01-2009, 8:56 AM Reply   
It was the Bad management at MC that caused the loss of profit not the fault of the vendors.
They extended credit in good faith now they are supposed to bend over and take it? But its good for MC so its OK.
Old    Ewing (johnsvt)      Join Date: Dec 2006       07-01-2009, 10:13 AM Reply   
I expected this article to get posted. I am surprised that someone who has a sponsor deal with MC posted the article.

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