
Genmar Chapter 11 Bankruptcy
By: Peter Chubb | June 2, 2009 | 7 CommentsIt was not just GM who filed for bankruptcy protection on Monday, Genmar Holdings, a boat manufacturer based in Minneapolis has also filed Chapter 11 bankruptcy protection. The company has seen a huge decrease in sales, bought on by the current credit crisis; it seems that boats are not high up on people’s list at the moment.
Genmar Holdings filed for Chapter 11 Bankruptcy on Monday and listed assets of $237.5 million, the company has liabilities of $216.5 million. According to MSN Money, Company founder Irwin Jacobs said that the bankruptcy petition does not include the $400 million in intangible assets.
Revenues for the year ending June 30 looks set to drop by more than half, with a final figure in the region of $460 million. It is not just Genmar who has suffered; other companies in the boating industry are also finding it tough. The cause is high gasoline prices, as well as the current downturn in the economy.
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