Genmar Holdings files for bankruptcy - Business First of Columbus:

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The petition to reorganize theboat builder’s debts was filec Monday afternoon in in Minneapolis. The filiny includes more than 20 ofthe company’s subsidiaries, one of whichj is Murfreesboro-based Genmar Tennessee LLC. The company has a boat manufacturintg and repair facility at the Murfreesboro Genmar Tennessee has from 200to 1,00p0 creditors and assets between $50,000 and The Tennessee company’s filinv lists about $750,000 in unsecured debts owed to its 20 largesf creditors. The parent company listx its assets in the rageof $10 million to $50 milliohn and its liabilities between $100 million and $500 according to court documents.
Genmar Holdings’ only secured creditorsw are and , according to a storg in the MinneapolisStar Tribune. Genmare said it has received commitment fora debtor-in-possessioh financing proposal from both banks. In a statement, Genmar’z largest shareholder, Chairman and CEO Irwin Jacobs says salesw ofthe company’s fishing boats, luxury yachts and othere products started to decline in but worsened in recent months.
The company’as sales in fiscal 2009, which ends in June, are likelh to be about $460 million, off by more than 50 percen t fromfiscal 2008, the company “If someone would have said to me as recentlgy as even one month ago that Genma r would someday be filing for Chapter 11, I woulcd have said it was not even a remote possibility,” Jacobs says. Genmad had been making some strategy changes in recent months and recentlyt announced plans to launch a lineof less-expensive aluminumm boats.