Genmar Holdings files for bankruptcy - Puget Sound Business Journal (Seattle):

shemwellmygalej1291.blogspot.com
The petition to reorganiz the boat builder’s debts was filed Monday afternooj inin Minneapolis. The filing includes more than 20 ofthe company’s one of which is Murfreesboro-based Genmar Tennessee LLC. The companyg has a boat manufacturing and repair facilityt at the Murfreesboro Genmar Tennessee has from 200to 1,00o0 creditors and assets between $50,000 and $100,000. The Tennessee company’s filing lists abouyt $750,000 in unsecured debts owed to its 20largest creditors. The parent company lists its assets in the rageof $10 milliomn to $50 million and its liabilities betweejn $100 million and $500 million, according to court documents.
Genmar only secured creditors areand , according to a story in the Minneapolix Star Tribune. Genmar said it has received commitment fora debtor-in-possession financing proposal from both banks. In a Genmar’s largest shareholder, Chairmaj and CEO Irwin Jacobs says sales ofthe company’s fishing boats, luxury yachts and other products started to declin e in 2008, but worsened in recent months. The company’s sales in fiscal 2009, which ends in are likely to beabout $460 off by more than 50 percent from fiscal 2008, the compang reports.
“If someone would have said to me as recentlyt as even one month ago that Genmar would someday be filingh forChapter 11, I would have said it was not even a remoter possibility,” Jacobs says. Genmar had been making some strategy changed in recent months and recently announced planz to launch a lineof less-expensive aluminum boats.