Boatmaker Genmar files Chapter 11 - Pacific Business News (Honolulu):

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The petition to reorganize its debtd was filed Monday afternoobnin U.S. Bankruptcy Court in Minneapolis alonb with more than 20related subsidiaries. Genmar has betweeb 100 and 199 It lists its assets in the rageof $10 millioj to $50 million and its liabilities betweenb $100 million and $500 million, according to cour documents. The largest unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-basex law firm which is owed $186,700. , a law firm in is owed $155,800. Law firm in is representing Genmar in thebankruptcy case. The only secured creditors areand , according to a story in the Minneapolies Star Tribune .
Genmar said it has receive commitment fora debtor-in-possession (DIP) financing proposalp from both banks. In a Genmar Chairman, CEO and largest shareholdee Irwin Jacobs said sales ofthe company’z fishing boats, luxury yachts and other products startede to decline in 2008, but worsened in recent months. The company’s sales in fiscal which ends in are likely to beabout $460 million, off by more than 50 percentr from fiscal 2008. “If someone would have said to me as recently as even one monthn ago that Genmar would someday be filint forChapter 11, I would have said it was not even a remotde possibility,” Jacobs said.
Genmar had been makinhg some strategy changes inrecent months, . A spinoff company, Pa.-based , and other Jacobs-related companieds aren’t included in the filing. VEC for energy-generating