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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Legal

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

LR First to Certify Small Caribbean Ships

LR is the first class society to certify small commercial ships operating in the Caribbean After becoming the first classification society to issue Cargo

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

Marine Equipment

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

LR First to Certify Small Caribbean Ships

LR is the first class society to certify small commercial ships operating in the Caribbean After becoming the first classification society to issue Cargo

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

Vessels

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

LR First to Certify Small Caribbean Ships

LR is the first class society to certify small commercial ships operating in the Caribbean After becoming the first classification society to issue Cargo

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1899 sec (5 req/sec)