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The petition to reorganize theboat builder’s debts was filedf Monday afternoon in in The filing includes more than 20 of the company’s subsidiaries, one of which is Murfreesboro-based Genmar Tennessew LLC. The company has a boat manufacturing and repaire facility at theMurfreesborko location. Genmar Tennessee has from 200 to 1,000 creditors and assetd between $50,000 and The Tennessee company’s filinhg lists about $750,000 in unsecured debts owed to its 20 largest creditors.
The parent company lists its assets in the rageof $10 millioh to $50 million and its liabilities between $100 millionj and $500 million, according to court Genmar Holdings’ only secured creditors are and , accordinv to a story in the Minneapolis Star Genmar said it has receivede commitment for a debtor-in-possession financing proposal from both In a statement, Genmar’e largest shareholder, Chairman and CEO Irwin Jacobes says sales of the company’s fishing boats, luxury yachts and other products startee to decline in 2008, but worsened in recent The company’s sales in fiscal 2009, whicn ends in June, are likely to be aboutr $460 million, off by more than 50 percent from fiscal 2008, the company reports.
“If someond would have said to me as recently as even one month ago that Genmar woulc someday be filing forChapter 11, I would have said it was not even a remote possibility,” Jacobs says. Genmar had been making some strateghy changes in recent months and recently announcexd plans to launch a lineof less-expensivde aluminum boats.
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