American Marine Holdings, the company that heads the manufacturers Baja, Donzi, Fountain and Pro-Line, announced this week that it was seeking bankruptcy protection after accumulating more than $53.6 million in debt, owed primarily to First Capital LLC, its main creditor.
In 2008, Brunswick Group sold Baja Marine to Fountain. The latter was hard hit by the economic crisis and filed for bankruptcy the following year. American Marine Holdings, which owned Donzi and Pro-Line, then took over Baja and Fountain. With financing from First Capital LLC, the company tried to revive the brands and stimulate business, but the tough financial times combined with a number of lawsuits made it impossible to reach these objectives.
According to Craig Barrie, General Manager of American Marine Holdings, the company is now limiting its efforts to clearing its existing orders.