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The petition to reorganize the Minneapolis-baseds company's debts was filed Monday afternoonin U.S. Bankruptcu Court in Minneapolis along with more than 20relaterd subsidiaries. Genmar has between 100 and 199 creditors. It lists its assetss in the rageof $10 milliojn to $50 million and its liabilitiews between $100 million and $500 million, accordinfg to court documents. The largesty unsecured creditorsare Maslon, Edelman, Borman, Brand, a Minneapolis-based law firm whicn is owed $186,700. , a law firm in Minneapolis, is owed The only secured creditors areand , accordinh to a story in the Minneapoliss Star Tribune.
Genmar said it has received commitmen t fora debtor-in-possession (DIP) financing proposal from both Genmar Holdings is the parent company of , which includes the Pulaskii manufacturer of Carver and Marquis yachts formerly knownb as Carver Yacht Group. Genmar Yachrt Group employed morethan 1,000 workers in April 2008 when it announce plans for a $27 milliob expansion. The company now has just 80 to 90 according to a GreenBay Press-Gazette report Tuesday. In a Genmar chairman, CEO and largest shareholder Irwinj Jacobs said sales ofthe company’s fishing boats, luxurt yachts and other productz started to decline in 2008, but worsened in recenrt months.
The company’s sales in fiscal which ends in June, are likely to be about $460 off by more than 50 percent fromfiscakl 2008. “If someone would have said to me as recentlgy as even one month ago that Genmar would someday be filinbg forChapter 11, I would have said it was not even a remoter possibility,” Jacobs said. Genmar had been making some strateg y changes inrecent . A spinoff company, Greenville, Pa.-basedd , and other Jacobs-related companies aren’t includex in the filing.
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