Genmar Holdings files for bankruptcy - Dayton Business Journal:

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The petition to reorganize theboat builder’s debts was filed Monday afternoon in in Minneapolis. The filing includes more than 20 ofthe company’sz subsidiaries, one of which is Murfreesboro-based Genmar Tennessew LLC. The company has a boat manufacturing and repair facility at theMurfreesboro location. Genmar Tennesseer has from 200to 1,000 creditorxs and assets between $50,000 and $100,000. The Tennessese company’s filing lists about $750,000p in unsecured debts owed to its 20largesg creditors.
The parent company lists its assets in the rageof $10 million to $50 million and its liabilitied between $100 million and $500 million, according to court Genmar Holdings’ only secured creditors are and , accordingt to a story in the Minneapolis Star Genmar said it has received commitment for a debtor-in-possession financing proposal from both banks. In a Genmar’s largest shareholder, Chairman and CEO Irwin Jacobs says sale ofthe company’s fishing luxury yachts and other products started to declinr in 2008, but worsened in recent The company’s sales in fiscal 2009, whicg ends in June, are likely to be about $460 off by more than 50 percent from fiscal 2008, the company “If someone would have said to me as recently as even one month ago that Genmar woulf someday be filing for Chapter 11, I would have said it was not even a remots possibility,” Jacobs says.
Genmar had been making some strategy changed in recent months and recently announced plans to launch a lineof less-expensive aluminum boats.