Genmar files financial statements in reorganization - Trade Only Today

Genmar files financial statements in reorganization


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.


Yanmar Brings Diesel Power to Wake Boat Segment

Engine manufacturer offers first fully integrated diesel option in partnership with Nautique.

GOST Unveils Updates Ahead of FLIBS

Marine security leader teases updated interface and more powerful satellite tracking antennas.

Virtual Edition of Metstrade Boat Builder Awards Announced for 2020

The awards will acknowledge challenges and resolve of the marine industry during the pandemic.

Mercury Marine and Beneteau Partnership Goes Global

Beneteau buyers around the world will now have Mercury for a power option.

Quick Hits: October 23, 2020

Brunswick pontoon facility earns award; Kemah Capital enters marine.

Brunswick Corp. Appoints New President

Aine Denari is an automotive industry veteran with vast experience in leading-edge mobility systems.

Menhaden Quotas Reduced

Sportfishing groups applauded the move, saying it will help rebuild the striped bass population.

Winnebago Reports Q4, Fiscal 2020 Results

Revenue grew 18.6 percent for the year to $2.4 billion.

Quick Hits: October 22, 2020

Tiara Yachts honors top dealers; Smoker Craft donates to MRAA; ICOMIA issues state of the industry.