PORTLAND, Maine — The Peru-based Carrabassett of Maine water company is seeking Chapter 7 bankruptcy protection amid a dispute with a lender.
Carrabassett Valley Spring Water LLC submitted its bankruptcy filing Friday, claiming about $100,000 in assets and about $950,000 in liabilities, most of which comes from a disputed $570,000 business loan from a Connecticut company.
According to the filing, that debt is the subject of a collection lawsuit pending before the state’s Business and Consumer Court.
The company, which marketed all-natural spring water coming from mountains near the Carrabassett Fault, provided bottled water deliveries and provided private label bottles, where another company could design the label for use typically in marketing and corporate events.
According to the company’s website, water has been bottled from its source in Peru since 1988. The company previously operated as Southern Maine Spring Water Distributors LLC and was incorporated in 2009, according to state records.
The company was equally owned by David Smith of Kennebunk, Anthony Rivers of Cape Neddick and David Robeck of Cumberland.