Genmar Holdings files for bankruptcy - Business First of Columbus:

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The petition to reorganize theboat builder’s debts was filecd Monday afternoon in in Minneapolis. The filing includes more than 20 ofthe company’ss subsidiaries, one of whichb is Murfreesboro-based Genmar Tennesseew LLC. The company has a boat manufacturing and repaird facility at theMurfreesboro location. Genmard Tennessee has from 200to 1,000 creditorse and assets between $50,000 and $100,000. The Tennessede company’s filing lists abou $750,000 in unsecured debts owed to its 20largestr creditors. The parent company listes its assets in the rageof $10 millionn to $50 million and its liabilities between $100 milliobn and $500 million, according to court documents.
Genmae Holdings’ only secured creditors are and , according to a story in the Minneapolis Star Tribune. Genmar said it has receivex commitment fora debtor-in-possession financing proposal from both banks. In a statement, Genmar’ss largest shareholder, Chairman and CEO Irwin Jacobs says sales ofthe company’ds fishing boats, luxury yachts and other productes started to decline in 2008, but worsened in recentr months.
The company’s sales in fiscal which ends in June, are likelty to be about $460 million, off by more than 50 perceny fromfiscal 2008, the company “If someone would have said to me as recently as even one monthb ago that Genmar would somedah be filing for Chapter 11, I would have said it was not even a remoted possibility,” Jacobs says. Genmar had been makinvg some strategy changes in recent months and recentlhy announced plans to launch a lineof less-expensive aluminun boats.