American Marine Holdings, the owner of Baja by Fountain, Donzi Marine, Fountain Powerboats and Pro-Line Boats, and Liberty Acquisitions—at one time the reported owner of American Marine Holdings—filed for Chapter 11 bankruptcy protection yesterday in the United States Bankruptcy Court for the Southern District of Florida. At present, all companies and entities named in the bankruptcy filing are defendants in a current $61 million breach of financial obligations lawsuit filed by FCC LLC, doing business as First Capital.
The effect of yesterday’s bankruptcy filing (See the complete court documents under Case No. 11CVS1012) on the pending litigation, as well as its long-term ramifications for the Baja, Donzi, Fountain and Pro-Line boat brands in Washington, N.C., are unclear. However, according to Craig Barrie, the general manager of the boat brands, day-to-day operations have not been affected.
“We’re still there, still finishing and servicing boats, still doing business,” said Barrie in a telephone interview earlier today.
As for when or if the boat lines will begin taking new orders, Barrie said he did not know.
“We are waiting for the people above me to make those decisions,” he said. “We have about a dozen orders for boats right now.”
The “Suggestion of Bankruptcy” document was filed by Ron Glass, the court-appointed receiver for the companies, of GlassRatner Advisory and Capital Group LLC. When this story went live, Glass had not responded to a phone call.