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Article: Genmar files for Chapter 11.(News)
- Article from:
- Plastics News
- Article date:
- June 8, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Roger Renstrom
Genmar Holdings Inc. has landed in bankruptcy court, the result of difficult business conditions in the recreational boat sector.
The Minneapolis company filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code on June 1.
Irwin Jacobs, Genmar's founder, chairman and CEO, compared the recent sales slowdown and credit crunch to earlier troublesome times during his three decades in the boating industry.
"Those conditions do not even remotely resemble anything close to what has taken place in the retail and wholesale recreational boating industry over the past approximately 12 months, Jacobs ...