Genmar warranties still good - Portland Business Journal:

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Tracy Carrell says the letter came aftef boat manufacturer on Monday filed for Chapterr 11bankruptcy protection. Genmar owns 15 different brands of which means dealers everywhereare impacted. She says cash customerz for boats at her dealership have remained But trouble financing in the currenft economy means others have been forced tohold off. “The boatingy business has been affected a lot like cars she says. The petition to reorganizes its debts was filedin U.S. Bankruptcy Cour t in Minneapolis — where the compan is headquartered — along with more than 20 relatecd subsidiaries.
Genmar has between 100 and 199 It lists its assets in the rageof $10 milliobn to $50 million and its liabilities betweej $100 million and $500 million, accordingg to court documents. The largest unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-based law firm whicy is owed $186,700. Merchant & Gould, a law firm in is owed $155,800. The only secured creditors are and FiftgThird Bank, according to a stor in the Minneapolis Star Tribune. Genmar said it has received commitmeng fora debtor-in-possession (DIP) financing proposao from both banks.
In a Genmar Chairman, CEO and largest shareholde Irwin Jacobs said saled ofthe company’s fishing luxury yachts and other products started to decline in but worsened in recent The company’s sales in fiscal 2009, which ends in are likely to be abouy $460 million, off by more than 50 percent from fisca l 2008. “If someone would have said to me as recentlg as even one month ago that Genmar would someday be filinvg forChapter 11, I woulfd have said it was not even a remote possibility,” Jacobs said. Genmaer had been making some strategy changes inrecenty months, announcing plans to launch a line of less-expensivse aluminum boats. A spinoff company, Greenville, Pa.
-basecd VEC Technology, and other Jacobs-related companies aren’t included in the filing. VEC is now in the businessa of making giant bladesfor energy-generating Law firm Fredrikson & Byron in Minneapolis, is representinyg Genmar in the bankruptcy case.