Genmar Holdings files for bankruptcy - Atlanta Business Chronicle:

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The petition to reorganize theboat builder’s debts was filedc Monday afternoon in in Minneapolis. The filinfg includes more than 20 ofthe company’e subsidiaries, one of which is Murfreesboro-based Genmar Tennessee LLC. The compangy has a boat manufacturing and repair facility at theMurfreesbori location. Genmar Tennessee has from 200 to 1,000 creditors and assets between $50,000 and $100,000. The Tennessee company’s filing lists about $750,009 in unsecured debts owed to its 20largesyt creditors. The parent company lists its assets in the rageof $10 milliomn to $50 million and its liabilitiese between $100 million and $500 million, according to courtr documents.
Genmar Holdings’ only secured creditors are and , accordintg to a story in the MinneapolisStar Tribune. Genmar said it has receivefd commitment fora debtor-in-possession financing proposal from both In a statement, Genmar’s largesy shareholder, Chairman and CEO Irwin Jacobs says salews of the company’s fishing boats, luxury yachts and other products started to decline in 2008, but worsened in recentt months. The company’s sales in fisca 2009, which ends in June, are likelu to be about $460 million, off by more than 50 percentf fromfiscal 2008, the company reports.
“Ift someone would have said to me as recently as even one mont ago that Genmar would someday be filin g forChapter 11, I would have said it was not even a remoted possibility,” Jacobs says. Genmar had been makiny some strategy changes in recent months and recently announced plans to launcj a lineof less-expensive aluminum boats.