Times Getting Hard, Reggie Fountain Files for Chapter 11

[ShaneCarroll]

Well, that is a pretty big hit to the boating market I believe. He has been around a while building great boats. Apparently, he plans on still making boats, but cutting the staff down to only 12. Hopefully all works out with Fountain, as well as Genmar and the rest of the boating companies, as well as the rest of the companies across the US facing bankruptcy.

 

[adamjr]

Re: Times Getting Hard, Reggie Fountain Files for Chapter 11

Chapter 11 isn't such a terrible thing for a business. I believe that the big 3 should have filed for chapter 11 instead of taking all of the bailout money. It simply forces creditors to come to the table and work out terms for the debt they are legitimately owed.

Had the big 3 done that they would have been able to renegotiate the contracts with the UAW which, along with the economy, are a big chunk of the trouble they are facing.

With the downsizing which is unfortunate for the employees that will have to be teminated costs can be reduced. Fountain will continue to build boats at their high standards (hopefully) and when the economy turns around they'll have the room for some more employees again.

Like you said, hopeully things will turn around and all the boat builders will survive the down turn and emerge stronger on the other side. Times like these are always tough for comanies building non-essential and recreational items. Especially big-ticket items like Fountain boats.

 

[Bifflefan]

Re: Times Getting Hard, Reggie Fountain Files for Chapter 11

Chapter 11 isn't such a terrible thing for a business. I believe that the big 3 should have filed for chapter 11 instead of taking all of the bailout money.

Read a news paper, The big 3 did not take bail outs. the big 2 did.

FORD stayed strong as is still doing fine (somewhat) with out any help from the government. In my book thats just one more reason to be
"Built Ford Tough"

 

[adamjr]

Re: Times Getting Hard, Reggie Fountain Files for Chapter 11

You are correct, Bifflefan, and I mis-spoke. I meant two of the big 3

 

[ShaneCarroll]

Re: Times Getting Hard, Reggie Fountain Files for Chapter 11

I agree, and posted previously on that. Ford is the only one not taking free money. Heck, I wouldn't have blamed them if they did, you're gonna give me free money, um, let me think, OK!! But they did the responsible thing and worked it out internally.

Fountain said he would still maintain his high quality, but we'll see in the near future how true that is. .

 

[lowkee]

Re: Times Getting Hard, Reggie Fountain Files for Chapter 11

...as well as Genmar and the rest of the boating companies, as well as the rest of the companies

...and world peace

 

[ddrieck]

Re: Times Getting Hard, Reggie Fountain Files for Chapter 11

Also, Ford was the only one of the big three that made the top 10 list during the latest scam cooked up my our government.....Cash For Clunkers. Wonder if the forign auto makers called up Mr. Obama and thanked him for stimulating their ecomomy????

 

[tashasdaddy]

Re: Times Getting Hard, Reggie Fountain Files for Chapter 11

you Are Pushing The Political Line, Really Hard.