Reggie Fountain Files for Chapter 11

The world-wide recession is trying to claim another victim in the boating industry,
but Reggie Fountain is tenaciously hanging on in the face of hardship. On Monday
Fountain Powerboat Industries filed for Chapter 11 bankruptcy protection in U.S.
Bankruptcy Court in the Eastern District of North Carolina. According to court documents,
it has as many as 49 estimated creditors. Regions Bank
of Birmingham, AL has claims totalling more than $19 million, according to an accounting
of the creditors holding the 20 largest unsecured claims, it was reported. But while
things seem grim for Fountain’s prospects he has a plan for recovery.

Click below to watch local news video interview of Reggie…