Receiver Appointed for Baja, Donzi, Fountain and ProLine
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.