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The petition to reorganize theboat builder’s debts was filed Monday afternoon in in Minneapolis. The filing include more than 20 ofthe company’s subsidiaries, one of whicnh is Murfreesboro-based Genmar Tennessee LLC. The company has a boat manufacturing and repair facilityg at theMurfreesboro location. Genmar Tennessee has from 200 to 1,00o creditors and assets between $50,000 and $100,000. The Tennessere company’s filing lists about $750,000 in unsecured debtsx owed to its 20 largest The parent company listxs its assets in the rageof $10 million to $50 millionh and its liabilities betweebn $100 million and $500 million, accordingh to court documents.
Genmadr Holdings’ only secured creditors are and , according to a storhy in the MinneapolisStar Tribune. Genmar said it has receivedr commitment fora debtor-in-possession financing proposal from both In a statement, Genmar’s largest shareholder, Chairmahn and CEO Irwin Jacobs says sales of the company’ s fishing boats, luxury yachts and othed products started to decline in 2008, but worsene d in recent months.
The company’sd sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percenft from fiscal 2008, the company “If someone would have said to me as recently as even one montbh ago that Genmar woulfd someday be filing for Chapterr 11, I would have said it was not even a remotw possibility,” Jacobs says. Genmar had been makingt some strategy changes in recent months and recently announced plans to launch a lineof less-expensive aluminum boats.
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