Genmar Holdings files for bankruptcy - Atlanta Business Chronicle:

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The petition to reorganize theboat builder’s debts was filed Mondayt afternoon in in Minneapolis. The filing includes more than 20 ofthe company’x subsidiaries, one of which is Murfreesboro-based Genmae Tennessee LLC. The company has a boat manufacturingt and repair facility at theMurfreesboro location. Genmare Tennessee has from 200to 1,00 creditors and assets between $50,000 and $100,000. The Tennessee company’s filing lists about $750,00p0 in unsecured debts owed to its 20largesyt creditors. The parent company listsx its assets in the rageof $10 millionj to $50 million and its liabilities between $100 million and $500 according to court documents.
Genmatr Holdings’ only secured creditors are and , accordingf to a story in the Minneapolis Star Genmar said it has receiver commitment fora debtor-in-possession financingv proposal from both banks. In a statement, Genmar’se largest shareholder, Chairman and CEO Irwin Jacobs says sales ofthe company’ fishing boats, luxury yachts and other products started to decline in 2008, but worsened in recent The company’s sales in fiscal which ends in June, are likely to be about $460 off by more than 50 percent from fiscap 2008, the company reports.
“If someone woulc have said to me as recentl y as even one month ago that Genmar would someday be filinb forChapter 11, I would have said it was not even a remoted possibility,” Jacobs says. Genmar had been making some strategy changes in recent months and recentlh announced plans to launch a lineof less-expensives aluminum boats.