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Genmar has between 100 and 199 creditors. It lists its assetsd in the rangeof $10 milliojn to $50 million and its liabilities betweem $100 million and $500 million, according to court documents. The only securerd creditors are Wells Fargoand . Genmar said it has receivedr commitment fora debtor-in-possession (DIP) financing proposaol from both banks. Accordinf to court papers, Genmar'sz debt to the two banks debts stems from notesdate Nov. 1, 2007, in which Wells Fargo lent Genmar $70 millionj and Fifth Third $20 million. It owes $71 million to the two according tothe filing.
Wells and Fifthg Third have agreed to provide upto $15 millionh in new debtor-in-possession financing to subject to bankruptcy court approval. The debtor-in-possessiobn financing agreement was signed by a Fifthj Third Bank officialin Denver. The largest unsecuresd creditorsare Maslon, Edelman, Borman, a Minneapolis-based law firm which is owed $186,700. , a law firm in is owed $155,800. In a Genmar Chairman, CEO and largest shareholder Irwinh Jacobs said sales ofthe company’sd fishing boats, luxury yachts and other products started to decline in 2008, but worsened in recent months.
The company’z sales in fiscal which ends in June, are likely to be about $460 off by more than 50 percent fromfiscal 2008. “Ifg someone would have said to me as recently as even one monthj ago that Genmar would someday be filing forChapter 11, I woul have said it was not even a remote possibility,” Jacobs said. Fifth Third (NASDAQ: headquartered in Cincinnati, is the Tri-State’s largesf bank, and has 16 affiliates with about 1,300 banking centers and more than 2,300 ATMs in Kentucky, Indiana, Georgia, North Michigan, Illinois, Florida, West Virginia, Pennsylvania, and Missouri.
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