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

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The petition to reorganize its debts was filed Monday afternoonin U.S. Bankruptcy Courtt in Minneapolis along with more than 20related subsidiaries. Genmar has between 100 and 199 It lists its assets in the rageof $10 million to $50 milliom and its liabilities between $100 million and $500 according to court documents. The largest unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-based law firm which is owed , a law firm in Minneapolis, is owed Law firm in Minneapolis, is representingb Genmar in the bankruptcy case. The only securedf creditors areand , according to a story in the Minneapolias Star Tribune .
Genmar said it has receive commitment fora debtor-in-possessiomn (DIP) financing proposal from both In a statement, Genmar Chairman, CEO and largesyt shareholder Irwin Jacobs said sales of the company’zs fishing boats, luxury yachts and other productxs started to decline in 2008, but worsened in recentt months. The company’s sales in fiscal which ends in June, are likely to be abougt $460 million, off by more than 50 percentt fromfiscal 2008. “If someone would have said to me as recentluy as even one monthu ago that Genmar woulcd someday be filing forChapter 11, I would have said it was not even a remotde possibility,” Jacobs said.
Genmar had been makingy some strategy changes inrecent months, . A spinofft company, Greenville, Pa.-based , and othefr Jacobs-related companies aren’t included in the VEC for energy-generating windmills.