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The petition to reorganizse its debts was filed Monday afternoonin U.S. Bankruptcgy Court in Minneapolis along with more than 20related subsidiaries. Genmar has between 100 and 199 It lists its assets in the rageof $10 millio to $50 million and its liabilities betweeh $100 million and $500 million, according to court documents. The largestt unsecured creditorsare Maslon, Edelman, Brand, a Minneapolis-based law firm which is owed , a law firm in is owed $155,800. Law firm in is representing Genmar in thebankruptcy case. The only securec creditors areand , according to a story in the Minneapolis Star Tribune .
Genmar said it has receivee commitment fora debtor-in-possession (DIP) financingv proposal from both banks. In a Genmar Chairman, CEO and largest shareholder Irwin Jacobxs said sales ofthe company’s fishing luxury yachts and other productds started to decline in 2008, but worsenedr in recent months. The company’z sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percentr from fiscal 2008. “If someone would have said to me as recentlyt as even one month ago that Genmarr would someday be filing forChapter 11, I would have said it was not even a remotse possibility,” Jacobs said.
Genmar had been making some strategy changes inrecent months, . A spinoff Greenville, Pa.-based , and other Jacobs-related companie aren’t included in the filing. VEC for energy-generatinfg windmills.
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