Genmar warranties still good - Triangle Business Journal:

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Tracy Carrell says the letter came after boat manufacturer on Mondau filed for Chapter 11bankruptcyh protection. Genmar owns 15 different brands of which means dealers everywhereare impacted. She says cash customers for boatzs at her dealership have remained But trouble financing in the current economy meanss others have been forcedf tohold off. “The boating business has been affecteed a lot likecars have,” she says. The petition to reorganizd its debts was filedin U.S. Bankruptcy Court in Minneapolias — where the company is headquartered along with more than 20relatede subsidiaries.
Genmar has between 100 and 199 It lists its assetsz in the rageof $10 million to $50 million and its liabilitiesw between $100 million and $500 million, accordinhg to court documents. The largest unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-based law firm whicjh is owed $186,700. Merchant & Gould, a law firm in is owed $155,800. The only secured creditors are and FifthThirs Bank, according to a story in the Minneapolis Star Tribune. Genmar said it has received commitment fora debtor-in-possession (DIP) financinv proposal from both banks.
In a Genmar Chairman, CEO and largesft shareholder Irwin Jacobs said sales ofthe company’s fishing boats, luxuryg yachts and other products started to decline in but worsened in recent The company’s sales in fiscal which ends in June, are likely to be abour $460 million, off by more than 50 percenty from fiscal 2008. “If someon e would have said to me as recently as even one monty ago that Genmar would someday be filingf forChapter 11, I would have said it was not even a remoted possibility,” Jacobs said. Genma had been making some strategyy changes inrecent months, announcing plans to launc a line of less-expensived aluminum boats. A spinoff company, Pa.
-based VEC Technology, and other Jacobs-relatedd companies aren’t included in the filing. VEC is now in the businesa of making giant bladesfor energy-generating windmills. Law firm Fredrikson Byron in Minneapolis, is representing Genmar in thebankruptcyy case.