Receiver Appointed for Baja, Donzi, Fountain and ProLine

press release
Thursday, October 27, 2011

Seeks to Restructure Financing and Move Brands Forward.

 

Efforts are underway to resume operations of popular boat builders Baja Marine, Donzi Marine, Fountain Powerboats and ProLine Boats, according to Ronald Glass, a Principal  in GlassRatner Advisory & Capital Group, LLC. Glass, who is headquartered in Atlanta, has been named temporary receiver of the four boat builders and their assets, along with Palmetto Park Financial, by North Carolina Business Court Judge James Gale. Following the Court’s decision, Mr. Glass made the determination that the interests of the boat builders would be served best by focusing their resources on managing through the transition process. Accordingly, none of the four boat builders will host company exhibits at the Fort Lauderdale International Boat Show (FLIBS), which begins on Thursday, Oct. 27, 2011.  However, several Fountain and ProLine dealers will display boats at FLIBS.

 

“We stand with our dealers in support of our product, because the sale of the companies’ boats will enhance the financial picture of all of the companies and their dealers,” said Mr. Glass. “The thrust of our current effort is to get the company back on track and prepare for major displays and new product launches at the Miami International Boat Show in February.” The Miami boat show is the largest in the world. Meanwhile, the companies’ plan is to complete all boats currently in production, while honoring all existing warranties. For service and warranty matters related to Baja, Donzi, Fountain, and ProLine, calls may be directed to the companies’ headquarters at 252-975-2000 (option 3). 

 

“My team from GlassRatner is working closely with the management of the companies—including Craig Barrie for Donzi and Baja, Alden Thornton for Fountain, and Nat Rich for ProLine—to ensure their ongoing operation and the continued support of the dealer network,” Glass said.
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Legal

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Marine Equipment

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

John Deere Expands Tier 3 Engine Line

John Deere Power Systems (JDPS) has introduced new propulsion ratings to its EPAMarine Tier 3 engine offerings. The new PowerTech 4045TFM85 propulsion ratings expand

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Vessels

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1787 sec (6 req/sec)