Genmar Holdings files for bankruptcy - Portland Business Journal:

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The petition to reorganize theboat builder’e debts was filed Monday afternoon in in The filing includes more than 20 of the company’ subsidiaries, one of which is Murfreesboro-based Genmar Tennessewe LLC. The company has a boat manufacturinvg and repair facility at theMurfreesboro location. Genmar Tennesses has from 200 to 1,000 creditorz and assets between $50,000 and $100,000. The Tennesseew company’s filing lists about $750,000 in unsecured debts owed to its 20largesgt creditors. The parent company lists its assets in the rageof $10 millioh to $50 million and its liabilitiee between $100 million and $500 according to court documents.
Genmar only secured creditors areand , accordinhg to a story in the Minneapolis Star Genmar said it has received commitment for a debtor-in-possession financiny proposal from both banks. In a statement, Genmar’x largest shareholder, Chairman and CEO Irwin Jacobs says saled ofthe company’s fishing boats, luxury yachtsz and other products started to declines in 2008, but worsened in recen t months. The company’s salez in fiscal 2009, which ends in June, are likelgy to be about $460 million, off by more than 50 percenrt fromfiscal 2008, the company reports.
“If someone wouls have said to me as recently as even one month ago that Genmar would someday be filing forChapter 11, I would have said it was not even a remotwe possibility,” Jacobs says. Genmar had been making some strategty changes in recent months and recently announcefd plans to launch a lineof less-expensivw aluminum boats.