Fountain files Chapter 11
From Soundings Trade Only Daily newletter. Tough Times....

Posted on August 24, 2009
Written by Beth Rosenberg ShareThis North Carolina-based Fountain Powerboat Industries today filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in the Eastern District of North Carolina.

According to court documents, Fountain has estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. It has between one and 49 estimated creditors.

Regions Bank has claims totaling more than $19 million, according to an accounting of the creditors holding the 20 largest unsecured claims.