Skip to main content

Fountain working to retain assets in Chapter 11

Fountain Powerboat Industries is trying to restructure its Chapter 11 bankruptcy protection in a way that would allow the company to reorganize and retain its assets, as opposed to selling its assets at an auction set for next week.

A deal is pending between Fountain and Liberty Investments that would make the investment group the majority shareholder in the company, founder, president and CEO Reggie Fountain told the Washington Daily News.

Fountain could not be reached this morning for comment.

Liberty would help finance the reorganization and help Fountain pay off its creditors. Fountain said he would be retained as the company president and CEO under the pending deal.

Fountain said he has been looking for a chief investor in the company since filing for bankruptcy protection in August, and he feels confident about Liberty because of the investment group's track record in the marine industry. Earlier in the year, Liberty became the majority shareholder of boatbuilders Donzi and Pro-Line, according to the report.

Fountain described the group of investors as "avid boat lovers."

Reports surfaced last week that Hustler Powerboats was close to acquiring a bank note from Fountain's largest creditor, Regions Bank. Shortly thereafter, Hustler issued a statement that said the bank note had been purchased by the Oxford Investment Group.

Click here for the full article.


A High Priority

As invasive Asian carp continue working their way toward the Great Lakes, the governors of several states in the region appeal to Congress to push for funding that would stop that spread.

DEALERS: How Are You Finding and Keeping Staff?

Take this month’s Pulse Report Survey here.

Suntex Acquires Lynn Creek Marina

The Grand Prairie, Texas, facility is the latest addition to Suntex’s U.S. marina holdings.

C.G. Foundation Offers 2022 Scholarships

Applications for the program, open to college-age children of Coast Guard personnel, will be accepted starting Feb. 1.

ABYC Foundation Launches Accreditation Program

High schools and post-secondary schools that teach marine service can apply for ABYC’s “gold seal approval” and help shape the next-generation workforce.

U.S. Economy Showed Significant Growth in Q4

Gross domestic product grew at pace of 6.9 percent, but omicron and supply shortages may stymie Q1 2022 numbers.

Q&A with Çağın Genç

Sirena Marine CEO Çağin Genç takes our questions.