Genmar files financial statements in reorganization

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Genmar Holdings filed financial statements with U.S. Bankruptcy Court in Minnesota for the 22 companies listed in the Chapter 11 reorganization.

The following figures were taken from the statements filed with the court.

Assets for all of the companies total $244,514,791.98. This includes $86,891,063.83 in real property and $157,623,728.15 in personal property (inventory, machinery, equipment, etc.). Jacobs has said the company also has substantial intangible assets.

Liabilities for all of the companies total $145,803,738.87. This includes $81,771,919.98 in secured claims. Nearly $71 million of that is a credit facility with Wells Fargo Bank, with participation by Fifth Third Bank, plus accrued costs.

Textron Financial Services also has secured claims of $5.08 million and $5.6 million owed by Genmar Holdings and Wood Manufacturing, respectively. The remaining secured claims include $6,405 to Checklist Building Services, $14,794.94 to Kubota Credit Corp., and a little more than $1 million to Twin Lakes Community Bank.

Unsecured priority claims total $1,067,439.86. These consist of wages, salaries and commissions, as well as taxes and other government debts.

The list of unsecured non-priority claims totals $62,964,379.03. Most of the claims are in the $1,000 to $20,000 range, but some go into the millions, including $3.26 million owed to Operation Bass.

Genmar filed June 1 for Chapter 11 protection in U.S. Bankruptcy Court in Minnesota.


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