The Pendleton Panther

High-performance boat industry in shambles

Posted on: August 27, 2009

fountain_600During this economical slow down the boating industry has had its hardest few years in decades. In times like this people are only buying needs and boats and yachts are not one of them. One of the most famous high performance boat builders, Fountain power boats has files for chapter 11 bankruptcy. Fountain powerboats was founded by Reggie Fountain in the early 70’s. fountain boats are the most winning offshore powerboats in the world. Fountain has won more offshore world and national championships than the next top 100 powerboat manufactures, and it holds multiple world speed records. Fountain owes 20 million dollars to regional bank, its largest creditor. Company founder and CEO Reggie Fountain Jr. says survival depends on attracting new investors and raising money by selling assets. Fountain says the company’s Beaufort County work force will be cut to about a dozen workers.

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