Fountain Powerboats files for bankruptcy

WASHINGTON, N.C. — Fountain Powerboats filed for Chapter 11 bankruptcy protection today, according to U.S. Bankruptcy Court documents from the Eastern District of North Carolina.

The company listed liabilities of $19.6 million and assets of just $3 — $1 each for Fountain Powerboats Inc., Baja by Fountain Inc. and Fountain Dealers’ Factory Superstore Inc. The debt is all owed to Regions Bank of Birmingham, Ala.

This news comes only two months after Fountain announced it had retained investment banker Jacobs Capital to seek a partner with additional capital to support operations during the economic downturn and about six months after being delisted by the NYSE Alternext US, successor to the American Stock Exchange, for noncompliance with its standards.

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