Tuesday, November 18, 2008

Beaudry RV Files for Bankruptcy Reorganization

Beaudry RV Co. has filed for Chapter 11 bankruptcy protection in what the company says is mainly a bid to restructure its debt.

Company CEO Thomas Sylvester said that daily operations at the two RV Centers in Tucson and Chandler and at Beaudry RV Resort will continue. The company has sold off its local auto dealerships in recent years.
Although the current downturn in the recreational vehicle industry is a factor, the filing for reorganization "was undertaken primarily to restructure financing for real-estate related debt," Sylvester said in a prepared statement.

The filing was necessary, Sylvester said, to protect operations from the demands of lenders holding the secured debt on real estate and buildings that house Beaudry's operations. The banking crisis resulted in an impasse with these lenders, the company said.
Full Story...
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