CHOCOWINITY, N.C. – With less than a week left until the scheduled auction of its assets, Fountain Powerboat Industries Inc. is trying to restructure its Chapter 11 bankruptcy protection, according to an article today in the Washington Daily News.
The reason for the change is a deal pending between Fountain and Liberty Investments in which Liberty would become a majority shareholder in the company, the newspaper reported. Earlier this year, Liberty became a majority shareholder in Donzi and Pro-Line Boats.
Liberty’s investment in the company would help it reorganize, pay off its creditors, and keep its employees, the newspaper suggested. Under the deal, Reggie Fountain would continue to serve as president and CEO. Click here to read the newspaper article.
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