Genmar Holdings, the second-largest boatbuilder in the US, filed for Chapter 11 bankruptcy protection on Monday. A petition filed in the US Bankruptcy Court in Minnesota listed the assets of the company as US$237.5m, with liabilities of US$216.5m.
Genmar chairman Irwin Jacobs told the Minneapolis Star-Tribune that the the bankruptcy petition does not include more than US$400m in intangible assets. Wells Fargo and Fifth Third bank, the only secured creditors, are owed US$75m. The bankruptcy petition also listed 20 other creditors.
Hank Sibley Bluewater Yacht Sales 