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Deadline is set for Fountain bidders

An Oct. 1 deadline has been set for those interested in bidding on the assets of Fountain Powerboat Industries and its subsidiaries, according to documents filed with the bankruptcy court in the Eastern District of North Carolina.

An auction is set for 10 a.m. Oct. 5 in Washington, N.C. Only qualified bidders and the secured lender are eligible to participate. A final hearing to grant the sale motion is scheduled for Oct. 9 in U.S. bankruptcy court.

Reggie Fountain could not be reached for comment Thursday afternoon.

Fountain filed Aug. 24 for Chapter 11 bankruptcy protection.

The company is asking the court for permission to sell "substantially all" of its tangible and intangible assets, including the land and buildings it owns in North Carolina, all manufacturing equipment, all inventory, all contracts with customers, and all records relating to the business.

The sale of these assets could fetch $6 million to $8 million or more, Fountain has said in court filings.

Qualified bids must be at least $6 million and must be accompanied by a deposit of $500,000, according to court documents. They also must be "firm" offers and "not contain any contingencies to the validity, effectiveness, and/or binding nature of the offer."


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