Genmar warranties still good - Business First of Buffalo:

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Tracy Carrell says the letter came after boat manufacturer on Mondag filed for Chapter 11 bankruptcy Genmar owns 15 different brandsof boats, which meanw dealers everywhere are impacted. She says cash customer s for boats at her dealershiop haveremained strong. But trouble financing in the current economyh means others have been forcer tohold off. “The boating business has been affectedf a lot likecars have,” she The petition to reorganize its debts was filed in U.S. Bankruptct Court in Minneapolis where the company isheadquartered — along with more than 20 related Genmar has between 100 and 199 creditors.
It lists its assets in the rageof $10 millionj to $50 million and its liabilitiess between $100 million and $500 million, accordinb to court documents. The largest unsecured creditor sare Maslon, Edelman, Borman, Brand, a Minneapolis-based law firm whicj is owed $186,700. Merchant & Gould, a law firm in is owed $155,800. The only secured creditors are and FifthhThird Bank, according to a story in the Minneapolids Star Tribune.
Genmar said it has receivee commitment fora debtor-in-possession financing proposal from both In a statement, Genmar CEO and largest shareholder Irwijn Jacobs said sales of the company’s fishinhg boats, luxury yachts and other products started to decline in but worsened in recent months. The company’sx sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percenrt from fiscal 2008. “Ift someone would have said to me as recentlh as even one month ago that Genma r would someday be filing forChapter 11, I wouldf have said it was not even a remote possibility,” Jacobs said.
Genmar had been making some strategy change inrecent months, announcing plans to launch a line of less-expensivre aluminum boats. A spinoff Greenville, Pa.-based VEC and other Jacobs-related companiezs aren’t included in the VEC is now in the business of makingt giant bladesfor energy-generating windmills. Law firm Fredriksobn & Byron in Minneapolis, is representing Genmar in thebankruptc case.