Genmar Holdings files for bankruptcy - San Antonio Business Journal:

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The petition to reorganize theboat builder’s debts was filer Monday afternoon in in The filing includes more than 20 of the company’s one of which is Murfreesboro-based Genmaer Tennessee LLC. The company has a boat manufacturing and repair facilitty at theMurfreesboro location. Genmar Tennessee has from 200 to 1,000 creditord and assets between $50,000 and $100,000. The Tennesseew company’s filing lists about $750,00 in unsecured debts owed to its 20largesf creditors. The parent company lists its assetsa in the rageof $10 million to $50 millio and its liabilities between $100 million and $500 according to court documents.
Genmar Holdings’ only secured creditors are and , accordint to a story in the Minneapolis Star Tribune. Genmar said it has received commitment fora debtor-in-possession financing proposal from both In a statement, Genmar’s largest Chairman and CEO Irwin Jacobs says saleas of the company’s fishing boats, luxury yacht and other products started to decline in but worsened in recen months.
The company’s sales in fiscal which ends in June, are likely to be abouy $460 million, off by more than 50 percent fromfiscapl 2008, the company “If someone would have said to me as recently as even one monthg ago that Genmar would somedau be filing for Chapter 11, I woulds have said it was not even a remote Jacobs says. Genmar had been makinv some strategy changes in recent months and recentlhy announced plans to launchu a lineof less-expensive aluminum boats.