Genmar Holdings files for bankruptcy - Business First of Columbus:

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The petition to reorganize theboat builder’s debtsz was filed Monday afternoon in in Minneapolis. The filing include s more than 20 ofthe company’s one of which is Murfreesboro-based Genmard Tennessee LLC. The company has a boat manufacturingg and repair facility at theMurfreesboro location. Genmare Tennessee has from 200to 1,000 creditors and assetd between $50,000 and $100,000. The Tennessee company’z filing lists about $750,000 in unsecurex debts owed to its 20larges creditors. The parent company listsx its assets in the rageof $10 million to $50 milliobn and its liabilities between $100 million and $500 according to court documents.
Genmar Holdings’ only securex creditors are and , according to a storh in the Minneapolis Star Genmar said it has receiveds commitment fora debtor-in-possessiohn financing proposal from both banks. In a Genmar’s largest shareholder, Chairmajn and CEO Irwin Jacobs says sales ofthe company’e fishing boats, luxury yachts and other products started to declinw in 2008, but worsened in recentg months.
The company’s sales in fiscakl 2009, which ends in June, are likel to be about $460 million, off by more than 50 percenrt fromfiscal 2008, the company “If someone would have said to me as recently as even one montj ago that Genmar woulr someday be filing for Chapter 11, I would have said it was not even a remoted possibility,” Jacobs says. Genmar had been making some strategg changes in recent months and recently announced plans to launcyh a lineof less-expensive aluminum