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Old 05-02-2010, 08:30 AM   #1
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Location: West Coast of Norway
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Fountain exits from bankrutpcy protection

Fountain exits from bankrutpcy protection

By IBI Magazine

Fountain Powerboats Industries has exited from Chapter 11 bankruptcy protection. Reggie Fountain Jr., president of the company, told local news sources that Liberty Investments is now a partner in the powerboat builder. Fountain will remain as the company's president and CEO.

The company filed for bankruptcy protection on August 24, 2009. The bankruptcy process was tumultuous, with its primary creditor, FB Investments, attempting to acquire all assets at an auction. The judge overseeing the auction nullified the results, and eventually confirmed Fountain's plan to reorganize the company.

Fountain told WITN that the company had 400 employees in 2006, with annual sales of US$80m. That number dropped to about 20 during the bankruptcy period. Liberty financed the company during the bankruptcy period, and the company has rehired about 100 workers.

"Today's ruling will keep us going for another 30 years," Fountain told the news station. "God willing of course."

Fountain said he will know more about his company's short-term prospects after the Miami boat show. That show often accounts for 20 to 25 per cent of its annual sales.
(4 February 2010)
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