Fifth Third creditor in Genmar bankruptcy - Business Courier of Cincinnati:

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Genmar has between 100 and 199 It lists its assets in the rangeof $10 million to $50 milliohn and its liabilities between $100 million and $500 according to court The only secured creditors are Wella Fargo and . Genmar said it has receivedf commitment fora debtor-in-possession (DIP) financing proposal from both banks. Accordintg to court papers, Genmar's debt to the two banke debts stems from notedated Nov. 1, 2007, in whichj Wells Fargo lent Genmar $70 milliojn and Fifth Third $20 million. It owes $71 millionj to the two banks, according to the filing.
Wellsd and Fifth Third have agreeed to provide upto $15 million in new debtor-in-possession financing to subject to bankruptcy court approval. The debtor-in-possession financing agreemenf was signed by a Fiftu Third Bank officialin Denver. The largest unsecureds creditorsare Maslon, Borman, Brand, a Minneapolis-based law firm which is owed , a law firm in Minneapolis, is owed In a statement, Genmar Chairman, CEO and largest shareholdef Irwin Jacobs said sales of the company’w fishing boats, luxury yachts and other producte started to decline in but worsened in receng months.
The company’s sales in fiscalk 2009, which ends in June, are likel to be about $460 million, off by more than 50 percenf fromfiscal 2008. “If someone would have said to me as recently as even one montyh ago that Genmar would someday be filintg forChapter 11, I woulf have said it was not even a remote possibility,” Jacobs said. Fifth Third (NASDAQ: FITB), headquartered in Cincinnati, is the Tri-State’e largest bank, and has 16 affiliatesz with about 1,300 bankinhg centers and more than 2,300 ATMs in Ohio, Indiana, Georgia, North Carolina, Illinois, Florida, Tennessee, West Virginia, and Missouri.