Boatmaker Genmar files Chapter 11 - Houston Business Journal:

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The petition to reorganize its debtzs was filed Monday afternoonin U.S. Bankruptcy Court in Minneapolias along with more than 20relater subsidiaries. Genmar has between 100 and 199 creditors. It lists its assetz in the rageof $10 million to $50 milliohn and its liabilities betweejn $100 million and $500 million, according to cour t documents. The largest unsecured creditorsare Maslon, Borman, Brand, a Minneapolis-based law firm which is owed , a law firm in Minneapolis, is owed Law firm in Minneapolis, is representing Genmard in the bankruptcy case. The only securedx creditors areand , according to a storgy in the Minneapolis Star Tribun e .
Genmar said it has received commitment fora debtor-in-possessionn (DIP) financing proposal from both banks. In a Genmar Chairman, CEO and largest shareholder Irwin Jacobse said sales ofthe company’w fishing boats, luxury yachts and otherf products started to decline in but worsened in recent months. The company’as sales in fiscal 2009, which ends in June, are likelyg to be about $460 million, off by more than 50 percenft fromfiscal 2008. “If someone would have said to me as recently as even one montuh ago that Genmar would someday be filinbg forChapter 11, I would have said it was not even a remotew possibility,” Jacobs said.
Genmaf had been making some strategy changezs inrecent months, . A spinoff Greenville, Pa.-based , and other Jacobs-related companies aren’t included in the VEC for energy-generating windmills.