Genmar warranties still good - The Business Journal of the Greater Triad Area:

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Tracy Carrell says the letter came afterd boat manufacturer on Monday filed for Chaptef 11bankruptcy protection. Genmar owns 15 different brandsaof boats, which meansx dealers everywhere are impacted. She says cash customerxs for boats at her dealership haveremained strong. But troublwe financing in the current economy means other s have been forced tohold off. “The boatinfg business has been affected a lot like cars she says. The petition to reorganize its debts was filedin U.S. Bankruptcy Courf in Minneapolis — where the companyg is headquartered — along with more than 20 related Genmar has between 100 and199 creditors.
It lists its assets in the rageof $10 million to $50 millionn and its liabilities betweej $100 million and $500 according to court documents. The largest unsecurerd creditorsare Maslon, Edelman, Brand, a Minneapolis-based law firm which is owed Merchant & Gould, a law firm in is owed $155,800. The only securedc creditors are and FifthThird Bank, accordingt to a story in the Minneapolis Star Genmar said it has received commitment for a debtor-in-possessionh (DIP) financing proposal from both banks.
In a Genmar Chairman, CEO and largest shareholder Irwinb Jacobs said sales ofthe company’s fishing boats, luxurt yachts and other products started to decline in but worsened in recent months. The company’sx sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percentg from fiscal 2008. “If someone would have said to me as recently as even one monthn ago that Genmar would someday be filing forChapterd 11, I would have said it was not even a remote possibility,” Jacobs said. Genmar had been making some strategt changes inrecent months, announcing planw to launch a line of less-expensive aluminumj boats.
A spinoff company, Greenville, Pa.-based VEC and other Jacobs-related companies aren’t included in the VEC is now in the businesws of making giant bladesfor energy-generating windmills. Law firm Fredriksohn & Byron in Minneapolis, is representing Genmar in thebankruptcyy case.