Genmar warranties still good - Wichita Business Journal:

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Tracy Carrell says the letter came after boat manufacturer on Monday filed for Chapter 11bankruptcy protection. Genmadr owns 15 different brandsof boats, whicnh means dealers everywhere are impacted. She says cash customerds for boats at her dealership have remained But trouble financing in the currentr economy means others have been forced tohold off. “Ther boating business has been affecter a lot likecars have,” she The petition to reorganize its debtas was filed in U.S. Bankruptcy Cour in Minneapolis — where the companty is headquartered — alongv with more than 20 related subsidiaries. Genmat has between 100 and 199 creditors.
It lists its assetd in the rageof $10 milliom to $50 million and its liabilitied between $100 million and $500 according to court documents. The largest unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-based law firm whichj is owed $186,700. Merchant & a law firm in Minneapolis, is owed $155,800. The only securedc creditors are and FifthThirc Bank, according to a story in the Minneapoli Star Tribune. Genmar said it has received commitment fora debtor-in-possession (DIP) financing proposal from both banks.
In a Genmar Chairman, CEO and largest shareholder Irwinb Jacobs said sales ofthe company’s fishing boats, luxuruy yachts and other products started to decline in but worsened in recent months. The company’ s sales in fiscal 2009, which ends in June, are likelt to be about $460 million, off by more than 50 perceng fromfiscal 2008. “Ifd someone would have said to me as recentlgy as even one month ago that Genmar would someday be filing forChapter 11, I would have said it was not even a remotwe possibility,” Jacobs said. Genmar had been makingh some strategy changes in recent announcing plans to launch a lineof less-expensive aluminum boats.
A spinoff company, Greenville, Pa.-basee VEC Technology, and other Jacobs-related companiese aren’t included in the filing. VEC is now in the businesx of making giant bladesfor energy-generatinyg windmills. Law firm Fredrikson & Byrohn in Minneapolis, is representing Genmar in thebankruptcy case.