Genmar Bankruptcy Leaves Yachts in Drydock

Yacht maker deep-sixed

Imagine this conversation between a wealthy industrialist and his portly butler. It comes courtesy of sportswriter Jim Baker. I’ve embellished it a bit to add some talk about what’s happening with the Genmar bankruptcy.

“Molesworth, draw a bath aboard my Carver yacht.”

“Terribly sorry, sir. You sold the pleasure craft to help cover your stock market losses. Now the parent company - Genmar Marine - has gone bankrupt.”

“Such indignity! Use the ornate claw tub off the east solarium, then.”

“As you wish, sir. Will there be anything else, sir?”

“No, Molesworth, you are free to go after that task is complete. However, I do not wish you to ‘raid’ the larder on your way out, as has been your custom of late.

“Very good, sir. Good night.”

Emergency loans come too late

Unfortunately, Molesworth and his employer have lost their piece of ocean luxury due to the Genmar bankruptcy. Genmar Holdings will have no cash til payday loan to help close the gap, as Genmar Marine is filed Chapter 11. Sam Black and Chris Newmarker report for the St. Paul Business Journal that the owner of the Brown County, Wisconsin yacht maker formerly known as Carver Yachts is in need of the bankruptcy protection. A reorganization petition was filed in U.S. Bankruptcy Court in Minneapolis along with “more than 20 related subsidiaries.” ... click here to read the rest of the article titled "Genmar Bankruptcy Leaves Yachts in Drydock"