Genmar Marine Files for Bankruptcy Protection

by Jordan Yerman | June 2, 2009 at 08:37 am

2793 views | 0 Recommendations | 0 comments

Genmar Marine, the Minneapolis, MN-based boatmaker that manufactures Carver Yachts as well as Glastron and Larson watercraft, has filed for Chapter 11 bankruptcy protection.

The weak economy took a big bite out of recreational boat sales, and the amount of credit available to struggling businesses has reduced. Genmar founder Irwin Jacobs said that he expects revenue to drop by more than 50% this year.

The petition to reorganize the Minneapolis-based company's debts was filed Monday afternoon in U.S. Bankruptcy Court in Minneapolis along with more than 20 related subsidiaries.

Genmar's boats are built in Little Falls, MN.

VanRissegham said she's optimistic the company will survive the bankruptcy, and keep manufacturing operations in her city of about 9,000 people.

The company's Chapter 11 petition filed Monday lists assets of $237.5 million and liabilities of $216.5 million. Jacobs says the bankruptcy petition does not include over $400 million in intangible assets.

1 See all footage | View Slideshow

Share: email story | add to any | | facebook | stumbleupon