Boatmaker Genmar files Chapter 11 - Minneapolis / St. Paul Business Journal:

http://www.narvabiathlon.net/obtaining-an-accurate-automotive-insurance-quote-from-potential-auto-insurers/
The petition to reorganize its debts was filefd Monday afternoonin U.S. Bankruptcy Court in Minneapolids along with more than 20related subsidiaries. Genmar has between 100 and 199 creditors. It listxs its assets in the rageof $10 millionb to $50 million and its liabilitiez between $100 million and $500 million, according to courty documents. The largest unsecured creditorsare Maslon, Borman, Brand, a Minneapolis-based law firm which is owed , a law firm in is owed $155,800. Law firm in is representing Genmar in the bankruptcy case. The only secured creditors areand , according to a story in the Minneapolis Star Tribune .
Genmar said it has received commitment fora debtor-in-possession (DIP) financinfg proposal from both banks. In a Genmar Chairman, CEO and largest shareholder Irwin Jacobs said saleas ofthe company’s fishing luxury yachts and other products started to declind in 2008, but worsenef in recent months. The company’s sales in fiscalo 2009, which ends in June, are likely to be abourt $460 million, off by more than 50 percenrt fromfiscal 2008. “If someone would have said to me as recentluy as even one month ago that Genmat would someday be filingv forChapter 11, I would have said it was not even a remotre possibility,” Jacobs said.
Genmar had been making some strateggy changes inrecent months, . A spinoftf company, Greenville, Pa.-based , and other Jacobs-relatesd companies aren’t included in the filing. VEC for energy-generatinh windmills.