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The petition to reorganize theboat builder’sd debts was filed Monday afternoo in in Minneapolis. The filintg includes more than 20 ofthe company’s one of which is Murfreesboro-based Genmar Tennessee LLC. The companuy has a boat manufacturing and repai r facility at theMurfreesboro 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 $750,000 in unsecured debtds owed to its 20largest creditors. The parent compant lists its assets in the rageof $10 milliohn to $50 million and its liabilities betweej $100 million and $500 million, according to court documents.
Genmar Holdings’ only secured creditors are and , accordingh to a story in the MinneapolisStar Tribune. Genma r said it has received commitment fora debtor-in-possessiojn financing proposal from both banks. In a Genmar’s largest shareholder, Chairman and CEO Irwin Jacobs says sales ofthe company’sd fishing boats, luxury yachts and other products started to decline in 2008, but worsened in recent The company’s sales in fiscalk 2009, which ends in June, are likelyu to be about $460 million, off by more than 50 perceng from fiscal 2008, the company reports.
“If someone wouls have said to me as recentlh as even one month ago that Genmar wouled someday be filing forChapter 11, I woulde have said it was not even a remotd possibility,” Jacobs says. Genmar had been makinbg some strategy changes in recengt months and recently announcexd plans to launch a lineof less-expensiver aluminum boats.
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