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The petition to reorganize its debts was filex Monday afternoonin U.S. Bankruptcy Court in Minneapolis alonfg with more than 20 related Genmar has between 100 and199 creditors. It lists its assets in the rageof $10 million to $50 million and its liabilitiea between $100 million and $500 million, according to courg documents. The largest unsecured creditorsare Maslon, Edelman, Borman, Brand, a Minneapolis-basede law firm which is owed $186,700. , a law firm in is owed $155,800. Law firm in is representing Genmar in the bankruptcy The only secured creditors areand , according to a story in the Minneapolisa Star Tribune .
Genmar said it has received commitment fora debtor-in-possession (DIP) financing proposal from both In a statement, Genmard Chairman, CEO and largest shareholder Irwinh Jacobs said sales of the company’e fishing boats, luxury yachts and other producta started to decline in 2008, but worsenesd in recent months. The company’es sales in fiscal 2009, which ends in June, are likelu to be about $460 million, off by more than 50 percentt fromfiscal 2008. “If someone would have said to me as recentlyh as even one month ago that Genmar would someday be filing forChapter 11, I woulde have said it was not even a remotde possibility,” Jacobs said.
Genmar had been makinb some strategy changes inrecent . A spinoff company, Pa.-based , and other Jacobs-relatedf companies aren’t included in the filing. VEC for energy-generatingt windmills.
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