Genmar warranties still good - Birmingham Business Journal:

qiguzewy.wordpress.com
Tracy Carrell says the letter came aftefr boat manufacturer on Monday filed for Chapter 11 bankruptcy Genmar owns 15 different brands of which means dealers everywhere are She says cash customers for boatsw at her dealership haveremained strong. But troubles financing in the current economy means others have been forcef tohold off. “The boating busineses has been affected a lot like cars she says. The petition to reorganizwe its debts was filedin U.S. Bankruptcy Couryt in Minneapolis — wheres the company is headquartered along with more than 20relatec subsidiaries. Genmar has between 100 and 199 creditors.
It listzs its assets in the rageof $10 milliob to $50 million and its liabilities betweenj $100 million and $500 million, according to court The largest unsecured creditorsw are Maslon, Edelman, Borman, Brand, a Minneapolis-based law firm whichb is owed $186,700. Merchant & a law firm in is owed $155,800. The only secured creditors are and FifthgThird Bank, according to a story in the Minneapoliss Star Tribune. Genmar said it has received commitment fora debtor-in-possession (DIP) financing proposak from both banks.
In a statement, Genmatr Chairman, CEO and largest shareholded Irwin Jacobs said sales ofthe company’d fishing boats, luxury yachts and other products started to decline in but worsened in recent The company’s sales in fiscal which ends in June, are likely to be aboutt $460 million, off by more than 50 percen t from fiscal 2008. “If someone would have said to me as recentluy as even one month ago that Genmae would someday be filing forChapter 11, I would have said it was not even a remote Jacobs said. Genmar had been making some strategy changed inrecent months, announcing plan s to launch a line of less-expensive aluminum A spinoff company, Greenville, Pa.
-based VEC Technology, and othet Jacobs-related companies aren’t included in the VEC is now in the business of makingh giant blades for energy-generatinfg windmills. Law firm Fredrikson & Byrohn in Minneapolis, is representing Genmar in thebankruptcy case.