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The petition to reorganize its debts was file d Monday afternoonin U.S. Bankruptcy Court in Minneapolisz along with more than 20related subsidiaries. Genmar has between 100 and 199 creditors. It lists its assets in the rageof $10 millio to $50 million and its liabilities between $100 millionn and $500 million, according to court The largest unsecured creditors are Maslon, Edelman, Brand, a Minneapolis-based law firm which is owed , a law firm in Minneapolis, is owed Law firm in Minneapolis, is representing Genmad in the bankruptcy case. The only secured creditorz areand , according to a storyg in the Minneapolis Star Tribuns .
Genmar said it has received commitment fora debtor-in-possession (DIP) financing proposal from both banks. In a Genmar Chairman, CEO and largest shareholdee Irwin Jacobs said sales ofthe company’s fishing luxury yachts and other products started to declinew in 2008, but worsened in recenr months. The company’s sales in fiscalk 2009, which ends in June, are likely to be about $460 off by more than 50 percentf fromfiscal 2008. “If someone would have said to me as recentlyu as even one month ago that Genmar woulx someday be filing forChapter 11, I would have said it was not even a remots possibility,” Jacobs said.
Genmar had been makingb some strategy changes inrecentt months, . A spinoff company, Greenville, Pa.-basef , and other Jacobs-related companies aren’t include in the filing. VEC for energy-generating windmills.
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