While court documents show Fountain Powerboat Industries has $3 in assets, Fountain Powerboats, Baja by Fountain and Fountain Dealers’ Factory Superstore, list substantially more assets than their parent company.
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North Carolina-based Fountain Powerboat Industries filed for Chapter 11 bankruptcy protection Monday in U.S. Bankruptcy Court in the Eastern District of North Carolina.
Fountain Powerboats lists nearly $18.4 million in assets, Baja by Fountain lists $3.7 million in assets and Fountain Dealers’ Factory Superstore lists $3.2 million in assets.
Fountain Powerboat Industries’ liabilities are listed as more than $19.6 million, which it owes to Regions Bank. The amounts are broken down as $13.2 million as a term loan to Fountain Powerboats; $4.3 million as floorplan to Fountain Dealer’s Factory Superstore and $2 million as revolver to Fountain Powerboats.