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The petition to reorganize theboat builder’s debtse was filed Monday afternoon in in Minneapolis. The filin includes more than 20 ofthe company’x subsidiaries, one of which is Murfreesboro-based Genmafr Tennessee LLC. The company has a boat manufacturinf and repair facility at theMurfreesboro location. Genmar Tennessee has from 200 to 1,009 creditors and assets between $50,000 and The Tennessee company’s filing lists about $750,000 in unsecured debts owed to its 20largest creditors.
The pareny company lists its assets in the rageof $10 millionh to $50 million and its liabilitiese between $100 million and $500 million, according to court Genmar Holdings’ only secured creditords are and , according to a story in the Minneapolizs Star Tribune. Genmar said it has received commitmenf fora debtor-in-possession financinyg proposal from both banks. In a statement, Genmar’s largest Chairman and CEO Irwin Jacobs says sales ofthe company’xs fishing boats, luxury yachts and othed products started to decline in 2008, but worsened in recent The company’s sales in fiscal 2009, whichn ends in June, are likely to be abouft $460 million, off by more than 50 percentt from fiscal 2008, the company reports.
“Ir someone would have said to me as recentlty as even one month ago that Genmar would somedat be filing forChapter 11, I woulxd have said it was not even a remote possibility,” Jacobes says. Genmar had been making some strategy changed in recent months and recentlh announced plans to launch a lineof less-expensive aluminum boats.
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