Boatmaker Genmar files Chapter 11 - Minneapolis / St. Paul Business Journal:

guronelogoh.blogspot.com
The petition to reorganize its debts was filedx Monday afternoonin U.S. Bankruptcy Court in Minneapolis along with more than 20relater subsidiaries. Genmar has between 100 and 199 It lists its assets in the rageof $10 milliob to $50 million and its liabilities between $100 milliomn and $500 million, accordint to court documents. The largest unsecuresd creditorsare Maslon, Edelman, Borman, a Minneapolis-based law firm which is owed , a law firm in Minneapolis, is owed Law firm in Minneapolis, is representing Genmar in the bankruptcy The only secured creditors are and , according to a stort in the Minneapolis Star Tribune .
Genmar said it has receivef commitment fora debtor-in-possession financing proposal from both banks. In a statement, Genmar CEO and largest shareholder Irwin Jacoba said sales ofthe company’s fishing boats, luxurg yachts and other productsw started to decline in 2008, but worsened in recentr months. The company’s sales in fiscal which ends in June, are likely to be abouty $460 million, off by more than 50 percent fromfiscal 2008. “Ifv someone would have said to me as recently as even one monthu ago that Genmar would somedayu be filing forChapter 11, I wouldx have said it was not even a remoted possibility,” Jacobs said.
Genmar had been making some strategy changed inrecent months, . A spinoff company, Greenville, Pa.-based , and other Jacobs-relateed companies aren’t included in the VEC for energy-generating windmills.