Join Product Reviews on        
Genmar Chapter 11 Bankruptcy

Genmar Chapter 11 Bankruptcy

By: Peter Chubb | June 2, 2009 | 7 Comments

It 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.

Follow us on Facebook, Twitter and Google+.

Download our free iPhone and iPad apps, or read more in Alternative News.

You may also like...

  1. Blockbuster U.S. Officially File for Chapter 11 Bankruptcy Blockbuster U.S. Officially File for Chapter 11 Bankruptcy
  2. Blockbuster Chapter 11 Bankruptcy: A race against time Blockbuster Chapter 11 Bankruptcy: A race against time
  3. Blockbuster Bankruptcy Fears: Netflix and Coinstar blamed Blockbuster Bankruptcy Fears: Netflix and Coinstar blamed
  4. Blockbuster Bankruptcy: Shares fall, do you expect it? Blockbuster Bankruptcy: Shares fall, do you expect it?
 
Next Story: 2011 Chevrolet Viva
Previous Story: Summary of Microsoft’s E3 2009 Press Conference
Tags:
  • http://astore.amazon.com/cheap.irwin.quick.grip.clamps.tools-20 Janis Favaron

    Great post mate!!?! Hold up the wonderful composing and we’ll keep coming in turn for more :)

  • http://astore.amazon.com/cheap.irwin.speedbor.tools-20 Darryl Fullman

    Hey guys, I discovered that a corporation that assists you to create any of this programming suggestions for peanuts ! programming outsourcing . As I over heard, this company will assist peoples getting top quality programmers for genuine reasonably priced charges creating everybody in a position to launch his IT startup !!! So great !

  • http://astore.amazon.com/cheap.irwin.speedbore.tools-20 Librada Bockskopf

    Great blog, maintain up the beneficial perform

  • http://astore.amazon.com/cheap.irwin.tap.and.die.set.tools-20 Dewey Cambero

    I looked by way of your prior posts. Wonderful function there….

  • http://astore.amazon.com/cheap.jds.air.cleaner.tools-20 Casey Sanzone

    There is naturally a whole lot to know about this. I believe you created some excellent factors in Capabilities also.

  • http://astore.amazon.com/cheap.jds.air.filtration.tools-20 Kristopher Asselta

    Hey, would you prefer to submit comments and back-links to millions of information sites completely? Webpage Comment Poster will do it in your case. Weblog Comment Poster will enhance your targeted visitors, back links and earnings substantially! Seems cool? Yes, it can be cool! It is the best automated feedback putting up instrument about the World wide web with numerous superior features. Check it out!

  • http://astore.amazon.com/cheap.jds.air-tech.750-er.tools-20 Delphine Brackenridge

    Hi pal, your blog’s style is basic and thoroughly clean and i like it. Your website posts are fantastic. Please hold them coming. Greets!!?!!