Hustler Powerboats negotiating to buy Fountain

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Hustler Powerboats said today it is in negotiations to purchase Fountain Powerboats and all its assets.

"Hustler Powerboats would move its operations to N.C. and rebuild the Fountain and Baja line to full capacity over the next four years and keep the Fountain legacy intact, as we feel it is a big part of performance-boat history and do not want to see it die off," the company said in a statement.

An auction is set for 10 a.m. Oct. 5 in Washington, N.C., for parties interested in buying Fountain's assets. A final hearing to grant the sale motion is scheduled for Oct. 9 in U.S. bankruptcy court.

Fountain filed Aug. 24 for Chapter 11 bankruptcy protection.

Bids for Fountain's assets 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," according to court documents.

"We are dedicated to restrengthening both Fountain and Baja, keeping the same look and feel with improved quality and workmanship," Hustler said in the statement. "Over these last couple years, Hustler has been blessed with sales and is running strong and would like to give back to the boating community by saving these companies from being auctioned off piece by piece."

Global Marine Power has been building Hustler performance boats for more than 20 years. Its dealer network includes locations in the United States, Germany, Spain, Italy, Russia, France, Martinique and Ukraine. Hustler Powerboats is working on updated and new models to be introduced in the near future, the company said.

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