Genmar Holdings files for bankruptcy - Business First of Columbus:

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The petition to reorganize theboat builder’zs debts was filed Monday afternoon in in The filing includes more than 20 of the company’ds subsidiaries, one of which is Murfreesboro-based Genmar Tennessee LLC. The companyt has a boat manufacturing and repair facilith at theMurfreesboro location. Genmar Tennesses has from 200 to 1,000 creditors and assetes between $50,000 and $100,000. The Tennessee company’ds filing lists about $750,000 in unsecured debts owed to its 20largesyt creditors. The parent company lists its assets in the rageof $10 million to $50 millionb and its liabilities between $100 million and $500 according to court documents.
Genmar Holdings’ only secured creditors are and , accordingv to a story in the MinneapolisStar Tribune. Genmaf said it has received commitment fora debtor-in-possessiomn financing proposal from both banks. In a Genmar’s largest shareholder, Chairman and CEO Irwin Jacobs says salese ofthe company’s fishing luxury yachts and other products started to declined in 2008, but worsened in recent The company’s sales in fiscal 2009, which ends in June, are likeluy to be about $460 million, off by more than 50 percen from fiscal 2008, the companu reports.
“If someone woulc have said to me as recentlyg as even one month ago that Genmaer would someday be filing forChapter 11, I woulf have said it was not even a remote Jacobs says. Genmar had been making some strategy changes in recentt months and recently announced plans to launchy a lineof less-expensive aluminum