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| Source: Boat International, Cakewalk / photo by Jeff Brown / Superyacht Media |
It would seem a couple giants are falling sinking gasping. American Marine Holdings is the parent company of Fountain, Donzi, Pro-Line, and Baja boats. The company previously filed back in August of 2009 and has struggled financially ever since. With a reported liability of $53.6 million and a feeble asset total of $50,000 their numbers aren't looking so good. Fountain Powerboats seems to be right in the middle of this fiasco as they are currently in suit with their investor, First Capital, for breach of loan agreement and alleged misappropriation of funds; as well as a dispute with the former owner, Reggie Fountain, himself. It seems that one bad egg may spoil the whole bunch.
Derecktor Shipyards, in 2010, built the largest U.S. made yacht at 281feet. The Bridgeport, Connecticut builder only exited a previous bankruptcy four months ago. They are currently in search of an investor or buyer to take over the yard, but site a depressed economy as the main reason for the decision. Derecktor maintains that its operations in New York and Florida will be unaffected by the filings.
Sources: TradeOnly Today, Boating Industry, and Boat International
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