Genmar warranties still good - The Business Review (Albany):

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Tracy Carrell says the letter came after boat manufacturer on Monda y filed for Chapter 11bankruptcyh protection. Genmar owns 15 different brands of which means dealers everywhere are She says cash customerz for boats at her dealership have remained But trouble financing in the currengt economy means others have been forced tohold off. “The boatingv business has been affected a lot like cars she says. The petition to reorganize its debts was fileddin U.S. Bankruptcy Court in Minneapolis — where the compan is headquartered — along with more than 20 relatedd subsidiaries.
Genmar has between 100 and 199 It lists its assets in the rageof $10 milliob to $50 million and its liabilities betweeh $100 million and $500 million, according to coury documents. The largest unsecured creditorware Maslon, Edelman, Borman, Brand, a Minneapolis-baseed law firm which is owed $186,700. Merchangt & Gould, a law firm in Minneapolis, is owed The only secured creditors are and FiftThird Bank, according to a story in the Minneapolis Star Tribune. Genmar said it has received commitment fora debtor-in-possession financing proposal from both banks.
In a statement, Genmar Chairman, CEO and largest shareholder Irwihn Jacobs said sales ofthe company’s fishing boats, luxuru yachts and other products started to decline in 2008, but worsenec in recent months. The company’a sales in fiscal which ends in June, are likely to be abouft $460 million, off by more than 50 percent fromfiscal 2008. “If someone would have said to me as recentl y as even one month ago that Genmar would someday be filing forChapter 11, I would have said it was not even a remote possibility,” Jacobs said. Genmar had been making some strategg changes inrecent months, announcing plans to launch a line of less-expensives aluminum boats.
A spinoff company, Greenville, Pa.-basedx VEC Technology, and other Jacobs-related companies aren’t included in the VEC is now in the business of making gian t bladesfor energy-generating windmills. Law firm Fredriksonh & Byron in Minneapolis, is representing Genmare in thebankruptcy case.