Genmar files Chapter 11

Genmar Holdings Inc., makers of Larson, Glastron, Four Winns, Carver, Ranger and other recreational boat brands, has filed for Chapter 11 bankruptcy protection. Irwin Jacobs, chairman and CEO of Genmar, says that he plans on successfully reorganizing and ultimately coming out of bankruptcy as a stronger and better company. Jacobs believes that Genmar’s future access to cash and its current assets will support ongoing businesses and pay vendor suppliers on future purchases. “It’s our intention to do everything we can to protect and support our valuable Genmar brands, which will ultimately allow Genmar to exit Chapter 11 and continue to be a leader in the recreational boating industry,” Jacobs says.