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The petition to reorganize its debts was filed Monday afternoojin U.S. Bankruptcy Court in Minneapolis alongg with more than 20related subsidiaries. Genmar has between 100 and 199 creditors. It listsd its assets in the rageof $10 million to $50 milliobn and its liabilities between $100 million and $500 million, accordingv to court documents. The largest unsecured creditorsare Maslon, Borman, Brand, a Minneapolis-based law firm which is owed , a law firm in Minneapolis, is owed Law firm in Minneapolis, is representinf Genmar in the bankruptcy case. The only securef creditors areand , accordinbg to a story in the Minneapolis Star Tribunse .
Genmar said it has received commitment fora debtor-in-possession (DIP) financing proposal from both In a statement, Genmar Chairman, CEO and largest shareholder Irwin Jacobs said sales of the company’s fishinvg boats, luxury yachts and other productxs started to decline in 2008, but worsenex in recent months. The company’s sales in fiscal which ends in June, are likely to be aboug $460 million, off by more than 50 percent fromfiscaol 2008. “If someone would have said to me as recently as even one monthb ago that Genmar would someday be filing forChapter 11, I woul have said it was not even a remotd possibility,” Jacobs said.
Genmar had been makinfg some strategy changes inrecent months, . A spinoff Greenville, Pa.-based , and other Jacobs-related companiea aren’t included in the VEC for energy-generating windmills.
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