Genmar Chapter 11 Bankruptcy

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.

CLICK HERE to keep updated with the latest news, share a comment or problems with products and services. Follow us on twitter or read more Bankruptcy news.