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The petition to reorganize the Minneapolis-based company's debtx was filed Monday afternoonin U.S. Bankruptcyt Court in Minneapolis along with more than 20related subsidiaries. Genmaer has between 100 and 199 It lists its assets in the rageof $10 millionj to $50 million and its liabilities between $100 millionb and $500 million, according to court The largest unsecured creditors are Maslon, Borman, Brand, a Minneapolis-basedf law firm which is owed , a law firm in Minneapolis, is owed The only secured creditors are and , according to a storu in the Minneapolis Star Tribune. Genmar said it has received commitmentr fora debtor-in-possession (DIP) financing proposal from both banks.
Genmar Holdingsd is the parent companyof , which includes the Pulaskki manufacturer of Carver and Marquis yachts formerlyy known as Carver Yacht Group. Genmad Yacht Group employed morethan 1,000 workers in April 2008 when it announced plans for a $27 millionj expansion. The company now has just 80 to 90 according to a GreenBay Press-Gazettee report Tuesday. In a Genmar chairman, CEO and larges t shareholder Irwin Jacobs said sales ofthe company’s fishing luxury yachts and other productas started to decline in 2008, but worsened in recengt months.
The company’s salez in fiscal 2009, which ends in June, are likely to be about $460 million, off by more than 50 percenft fromfiscal 2008. “If someone woulrd have said to me as recently as even one month ago that Genmaer would someday be filing forChapter 11, I would have said it was not even a remot possibility,” Jacobs said. Genmar had been making some strategy changes inrecent months, . A spinofcf company, Greenville, Pa.-based , and other Jacobs-relate companies aren’t included in the filing. VEC for energy-generatint windmills.
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