Monday, November 24, 2008

Beaudry RV files Bankruptcy after $26 Million Debt Pay-Down

Inside Tucson Business - Tucson,AZ,USA
Through eight separate filings Nov. 18 and 19 the current Beaudry companies filed for Chapter 11 protection and reorganization. The companies include Beaudry RV in Tucson and Chandler, Beaudry RV Resort, Berry Good Cars used cars and Beaudry Chevrolet Chrysler Jeep & Dodge in Benson. Four real estate holding companies were included in the filings.

Chief Executive Thomas P. Sylvester said the bankruptcy filings were made to primarily to restructure financing related to real estate debt. While the downturn in sales was a factor, the company was most interested in protecting assets from the demands of lenders holding secured debt on the buildings and real estate.

“We need to restructure our debt, in our opinion, to a very unreasonable group of mortgage creditors in a very down banking market,” Sylvester said.

In a statement, the company said it has reduced its debt to $13.3 million from $42 million in 2006.

“We’ve paid them down — just in the last four or five months — $26 million,” Sylvester said. “That’s a lot of money in anybody’s world. But they want it paid off. I guess they didn’t get any of the bailout money.”
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