Genmar warranties still good - Wichita Business Journal:

http://chrisharcum.com/bio.htm
Tracy Carrell says the letter came afterr boat manufacturer on Monday filed for Chapter 11 bankruptcy Genmar owns 15 different brandsof boats, which meanxs dealers everywhere are She says cash customers for boats at her dealershipp have remained strong. But trouble financing in the current economgy means others have been forced tohold off. “The boatingf business has been affected a lot likecars have,” she The petition to reorganize its debts was filed in U.S. Bankruptcty Court in Minneapolis — where the compant is headquartered — alongb with more than 20 related subsidiaries. Genmar has betweeb 100 and 199 creditors.
It lists its assets in the rageof $10 millio to $50 million and its liabilities between $100 million and $500 million, according to court documents. The largestr unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-basedr law firm which is owed Merchant & Gould, a law firm in is owed $155,800. The only secured creditore are and FifthThird Bank, according to a story in the Minneapolisz 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 shareholdetr Irwin Jacobs said sales ofthe company’a fishing boats, luxury yachts and othefr products started to decline in but worsened in recent months. The company’z sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percenrt from fiscal 2008. “Igf someone would have said to me as recently as even one month ago that Genmaf would someday be filing forChapter 11, I would have said it was not even a remotde possibility,” Jacobs said. Genmar had been making some strategt changes inrecent months, announcing plans to launchg a line of less-expensive aluminum boats.
A spinof company, Greenville, Pa.-based VEC Technology, and otherd Jacobs-related companies aren’t included in the filing. VEC is now in the businessw of making giant bladesfor energy-generating windmills. Law firm Fredrikson Byron in Minneapolis, is representing Genmar in thebankruptcy case.