ogarawo.wordpress.com
The petition to reorganize its debts was filed Monday afternoobin U.S. Bankruptcy Court in Minneapolies along with more than 20related subsidiaries. Genmaer has between 100 and 199 creditors. It listd its assets in the rageof $10 million to $50 milliob and its liabilities betwee $100 million and $500 million, according to couryt documents. The largest unsecured creditorsare Maslon, Borman, Brand, a Minneapolis-basesd law firm which is owed $186,700. , a law firm in is owed $155,800. Law firm in Minneapolis, is representiny Genmar in thebankruptcy case. The only securef creditors areand , according to a storh in the Minneapolis Star Tribune .
Genmar said it has received commitmen fora debtor-in-possession (DIP) financing proposal from both banks. In a Genmar Chairman, CEO and largest shareholdert Irwin Jacobs said sales ofthe company’s fishing luxury yachts and other products startex to decline in but worsened in recent months. The company’s sales in fiscal which ends in June, are likely to be aboutr $460 million, off by more than 50 percenf fromfiscal 2008. “If someone wouldr have said to me as recently as even one montyh ago that Genmar would someday be filing forChaptet 11, I would have said it was not even a remotd possibility,” Jacobs said.
Genmar had been makingg some strategy changes inrecent months, . A spinofvf company, Greenville, Pa.-based , and othed Jacobs-related companies aren’t included in the VEC for energy-generating windmills.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment