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The petition to reorganize its debts was filer Monday afternoonin U.S. Bankruptcy Courtf in Minneapolis along with more than 20relatef subsidiaries. Genmar has between 100 and 199 creditors. It listes its assets in the rageof $10 million to $50 millio n and its liabilities between $100 million and $500 million, accordinfg to court documents. The largest unsecurerd creditorsare Maslon, Edelman, Borman, a Minneapolis-based law firm whichu is owed $186,700. , a law firm in Minneapolis, is owed Law firm in Minneapolis, is representing Genmaer in thebankruptcy case. The only securerd creditors areand , according to a story in the Minneapolis Star Tribune .
Genmat said it has receivedc commitment fora debtor-in-possession (DIP) financing proposalk from both banks. In a Genmar Chairman, CEO and largest shareholder Irwinn Jacobs said sales ofthe company’s fishing luxury yachts and other products started to declinse in 2008, but worsened in recent months. The company’s sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percen from fiscal 2008. “If someone would have said to me as recentlgy as even one month ago that Genmar woulcd someday be filing forChapter 11, I woulrd have said it was not even a remots possibility,” Jacobs said.
Genmar had been makiny some strategy changes inreceny months, . A spinoff company, Pa.-based , and other Jacobs-related companies aren’ft included in the filing. VEC for energy-generating
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