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The petition to reorganize its debts was fileds Monday afternoonin U.S. Bankruptch Court in Minneapolis along with more than 20related subsidiaries. Genmarf has between 100 and 199 creditors. It lists its assetz in the rageof $10 million to $50 million and its liabilitie s between $100 million and $500 according to court documents. The largesrt unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-based law firm which is owed , a law firm in is owed $155,800. Law firm in is representing Genmar in the bankruptcy The only secured creditors areand , according to a storyg in the Minneapolis Star Tribune .
Genmare said it has receiver commitment fora debtor-in-possession (DIP) financing proposal from both In a statement, Genmar Chairman, CEO and largest shareholder Irwim Jacobs said sales of the company’s fishing luxury yachts and other products starter to decline in 2008, but worsened in recent months. The company’s sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percenf from fiscal 2008. “If someone woul have said to me as recentlyh as even one month ago that Genmar would someday be filinh forChapter 11, I wouldx have said it was not even a remote possibility,” Jacobs said.
Genmar had been makinb some strategy changes inrecent . A spinoff company, Greenville, Pa.-bases , and other Jacobs-related companies aren’t includede in the filing. VEC for energy-generating windmills.
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