http://property-forsale.biz/index.php?qs=RealEstate_agents
The petition to reorganize theboat builder’sd debts was filed Monday afternoon in in Minneapolis. The filing includes more than 20 ofthe company’sz subsidiaries, one of which is Murfreesboro-basedf Genmar Tennessee LLC. The companyt has a boat manufacturing and repairf facility at the Murfreesboro Genmar Tennessee has from 200to 1,000 creditorsa and assets between $50,000 and The Tennessee company’s filing lists about $750,000 in unsecuresd debts owed to its 20 larges t creditors. The parent company listes its assets in the rageof $10 million to $50 millioj and its liabilities between $100 millionn and $500 million, according to court documents.
Genmar Holdings’ only secured creditors are and , accordinh to a story in the MinneapolisStar Tribune. Genma r said it has received commitment fora debtor-in-possessionb financing proposal from both In a statement, Genmar’s largest shareholder, Chairman and CEO Irwimn Jacobs says sales of the company’s fishinbg boats, luxury yachts and othedr products started to decline in 2008, but worsenecd in recent months. The company’s sales in fiscakl 2009, which ends in June, are likelhy to be about $460 million, off by more than 50 percenr fromfiscal 2008, the company reports.
“If someone would have said to me as recently as even one monthb ago that Genmar would somedayu be filing forChapter 11, I woul have said it was not even a remote Jacobs says. Genmar had been makinf some strategy changes in recent months and recently announcecd plans to launch a lineof less-expensive aluminum boats.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment