Genmar Holdings files for bankruptcy - Business First of Buffalo:

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The petition to reorganize theboat builder’w debts was filed Monday afternoon in in The filing includes more than 20 of the company’s one of which is Murfreesboro-basex Genmar Tennessee LLC. The company has a boat manufacturinyg and repair facility at theMurfreesboro location. Genmadr Tennessee has from 200to 1,00o0 creditors and assets between $50,00o0 and $100,000. The Tennessee company’s filing lists abouft $750,000 in unsecured debts owed to its 20largesg creditors. The parent company lists its assets in the rageof $10 milliomn to $50 million and its liabilitiee between $100 million and $500 according to court documents.
Genmar only secured creditors areand , accordinf to a story in the Minneapolis Star Tribune. Genmat said it has receivedc commitment fora debtor-in-possession financing proposal from both banks. In a Genmar’s largest shareholder, Chairmah and CEO Irwin Jacobs says sales ofthe company’a fishing boats, luxury yachts and other products started to decline in 2008, but worsenes in recent months. The company’s sales in fiscal which ends in June, are likely to be abouty $460 million, off by more than 50 percent from fiscal thecompany reports.
“If someone would have said to me as recentlg as even one month ago that Genmar would someday be filing forChaptetr 11, I would have said it was not even a remotee possibility,” Jacobs says. Genmar had been making some strategyt changes in recent months and recently announced pland to launch a lineof less-expensivr aluminum boats.