American Marine Holdings files for Chapter 11
January 23, 2012
Filed under News
PALM BEACH, Fla. – American Marine Holdings, parent company for Fountain, Donzi, Pro-Line and Baja powerboats, filed for Chapter 11 bankruptcy protections in Palm Beach County on Wednesday, declaring $53.6 million in debt to lender First Capital LLC.
The companies involved in the filing are American Marine Holdings, Donzi Marine, AMH Government Services, Baja Marine, Fountain Dealers’ Factory Super Store, Fountain Powerboats Industries, Fountain Powerboats Inc., Fountain Powerboats LLC, Palmetto Park Financial and Pro-Line Boats.
Craig Barrie, general manager of American Marine Holdings, told Boating Industry in December that the company was focused on finishing production on the orders it currently has out.
Ronald Glass of GlassRatner Advisors was named temporary receiver for Fountain Powerboats in October.
Fountain first filed for Chapter 11 in August 2009, emerging from Chapter 11 with financial backing from First Capital and under the management of Liberty Investments.
Can some answer this question for me? When will the “LITTLE GUY” in the marine industry…small dealers…repair shops..specialy shops…etc.. ever get financila help from investors like these idiots? Why do they chose a failing company..over and over..that end up bankrupt..how many times? Nobody is asking for a free hand out here…just maybe these A holes will realize the small biz..is what drives our country..not these big losers who suck out the profits..and move on? How may time have we read here about Fountain? How many times have we read about its losses? How many other? Its no different outside the marine industry..as we see everyday on the news….I would just like ask these “Invertor” this……when will you invest in the “LITTLE GUYS”?
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Well has anyone heard of TARP $782 billion, US taxpayer bailed out the bank, largest insurer in the world and also our automobile industry.
GM is back, Chrysler is back, AIG is back (92% owned by us taxpayers).
It’s nice to have friends in high places.
Lets get the politicians support the boating industry instead to taxing it to death. High gas taxes, etc. If gas was $2.50 a gallon and wall street got the f… out of hedgeing the gasoline market place, may be we could go back an enjoy out sport. How about nationalizing the oil business?
Bottom line, is it a corporater raider or community organizer who will steer the boat for the next four years. Let boating get help like the auto industry>
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