http://www.tradeonlytoday.com/home/502454-with-a-new-owner-fountain-exits-chapter-11
Fountain Powerboat Industries has emerged from Chapter 11 bankruptcy protection, company founder Reggie Fountain told Soundings Trade Only this morning.
The privately-held company is now owned by Liberty Associates, which also is the majority shareholder of Donzi Marine and Pro-Line Boats.
Fountain, who filed Aug. 24, 2009 for bankruptcy, said he's happy with the outcome of the case.
"We've been pretty fortunate all along," he said. "I think the judge noted that we had one of the lowest groups of payables to our vendors that he'd seen in a bankruptcy."
Fountain will stay on as president and CEO of the company and says he will buy back into the company, though not at the 51 percent of shares he once owned.
Fountain Powerboat Industries has emerged from Chapter 11 bankruptcy protection, company founder Reggie Fountain told Soundings Trade Only this morning.
The privately-held company is now owned by Liberty Associates, which also is the majority shareholder of Donzi Marine and Pro-Line Boats.
Fountain, who filed Aug. 24, 2009 for bankruptcy, said he's happy with the outcome of the case.
"We've been pretty fortunate all along," he said. "I think the judge noted that we had one of the lowest groups of payables to our vendors that he'd seen in a bankruptcy."
Fountain will stay on as president and CEO of the company and says he will buy back into the company, though not at the 51 percent of shares he once owned.
