Fountain Powerboats Files for Chapter 11 Bankruptcy

[LaughingCat]

http://www.chapter11blog.com/chapte...boat-industries-inc-files-for-chapter-11.html


Anyone have more details?

 

[Seafordguy]

Just a restructure. Formal way of saying to your creditors that you can't pay your bills because you spent it on marketing videos...

 

[LaughingCat]

Fixed the link.

It only gives the filing, no details. Chapter 11 is reorganization. Lots of that going on.

 

[MarylandMark]

Debtor Name: Fountain Powerboat Industries, Inc.
Year Filed: 2009
Jurisdiction: United States Bankruptcy Court / Eastern District of North Carolina
Asset Size: Less than 10,000,000
Case Number: 09-07132
Industry: Retail, Manufacturing , Marine

http://www.chapter11library.com/CaseDetail.aspx?CaseID=184213

 

[Ratickle]

Fountain Powerboat Industries, Inc. Files For Chapter 11
•Debtor Name: Fountain Powerboat Industries, Inc.
•Year Filed: 2009
•Jurisdiction: United States Bankruptcy Court / Eastern District of North Carolina
•Asset Size: Less than 10,000,000
•Case Number: 09-07132
•Industry: Retail, Manufacturing , Marine
$19.6 million in liabilities



So only upside down by $10,000,000. No biggie. Less than 8 hours of what was spent on Clunkers per hour. Call Obama, he'll print up something.....

 

[Magicfloat]

If I were a Fountain owner or dealer,I would not be too concerned. If I were a vendor owed money by Fountain,I would very concerned.Recently Genmar did the same thing,and they will soon emerge from 11,and crank up all 15 boat brands again.just without that pesky several million of debt they owed to Volvo,Taylor,Teleflex,the gelcoat and resin companies,etc.They all lost,Genmar won.in a sense.

 

[JupiterSunsation]

Many businesses start as a Chap 11 but end up as 7 (liquidation) when the math doesn't make sense even after debt consolidation/forgiveness.

If they can SELL boats then they will have to close for good. The whole picture is based on the production, inventory, sales cycle and if any of the three fail the whole cycle stops.

 

[Payton]

Check out the other thread on this. It is reporting only $50,000 in assets.

I hope they make it.