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The petition to reorganize theboat builder’s debtss was filed Monday afternoon in in The filing includes more than 20 of the company’es subsidiaries, one of which is Murfreesboro-based Genmar Tennessee LLC. The compan y has a boat manufacturing and repair facilityt at theMurfreesboro location. Genmar Tennesse e has from 200to 1,00 creditors and assets between $50,000 and The Tennessee company’s filing listxs about $750,000 in unsecurex debts owed to its 20 largest creditors. The parenf company lists its assets in the rageof $10 millio n to $50 million and its liabilitiese between $100 million and $500 according to court documents.
Genmar Holdings’ only secured creditors are and , accordinh to a story in the MinneapolisaStar Tribune. Genmar said it has receive d commitment fora debtor-in-possession financing proposal from both banks. In a Genmar’s largest shareholder, Chairma n and CEO Irwin Jacobs says sales ofthe company’s fishingh boats, luxury yachts and otheer products started to decline in 2008, but worsenede in recent months. The company’s sales in fiscapl 2009, which ends in June, are likelh to be about $460 million, off by more than 50 percen t fromfiscal 2008, the company reports.
“If someones would have said to me as recently as even one montbh ago that Genmar would someday be filing forChaptet 11, I would have said it was not even a remotwe possibility,” Jacobs says. Genmar had been making some strategyy changes in recent months and recentl y announced plans to launch a lineof less-expensive aluminumn boats.
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