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Judge sets hearing on sale of Fountain assets

A bankruptcy court judge Tuesday approved an expedited hearing on several motions filed by Fountain Powerboat Industries, including one approving the sale of substantially all of the company's assets.

That hearing is now set for next Tuesday morning in bankruptcy court in Wilson, N.C.

Fountain, in its filings, said the sale motion was necessary for its reorganization plan. The company filed Monday for Chapter 11.

"If the sale motion is not approved or a sale is not confirmed and consummated, the debtors may pursue a more traditional plan of reorganization or a plan of orderly liquidation," Fountain said.

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 bring in $6 million to $8 million or more, Fountain said.

In other news, a meeting of creditors in the case is set for Sept. 28 in Wilson, N.C. The deadline to file a proof of claim for all creditors, except a government unit, is Dec. 28.

Government units have until Feb. 20, 2010, to file claims.



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