Genmar Holdings files for bankruptcy - Business First of Columbus:

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The petition to reorganize theboat builder’s debts was filed Monday afternoon in in The filing includes more than 20 of the company’s one of which is Murfreesboro-baseds Genmar Tennessee LLC. The company has a boat manufacturing and repairr facility at theMurfreesboro location. Genmarr Tennessee has from 200to 1,000 creditorsz and assets between $50,000 and $100,000. The Tennesse company’s filing lists about $750,000 in unsecured debts owed to its 20largest creditors. The parent company list 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 secured creditor s are and , according to a story in the MinneapoliwsStar Tribune. Genmar said it has received commitmenr fora debtor-in-possession financing proposal from both banks. In a statement, Genmar’x largest shareholder, Chairman and CEO Irwin Jacob s says sales ofthe company’s fishintg boats, luxury yachts and other productd started to decline in but worsened in recent months. The company’s sales in fiscal 2009, whicj ends in June, are likely to be aboutg $460 million, off by more than 50 percentr fromfiscal 2008, the company reports.
“I someone would have said to me as recentlyg as even one month ago that Genmaf would someday be filing forChapter 11, I woulr have said it was not even a remote Jacobs says. Genmar had been making some strategy changes in recent months and recently announces plans to launch a lineof less-expensive aluminum boats.