Thursday, February 12, 2009

Beaudry RV battles banks over real estate

Arizona Daily Star - Tucson,AZ,USA
In a bid to stay intact, Beaudry RV has filed a suit in bankruptcy court to stop Bank of America, Comerica Bank and Wells Fargo Bank from seizing real estate used to secure a $42 million loan.

Saddled with about $14 million in debt from that loan, Beaudry RV and its related corporations filed for Chapter 11 in November. Despite the action, the three banks filed suit in Pima County Superior Court in December seeking full payment of the loan's balance.

Beaudry RV can't pay the balance and is unable to refinance its debt in tight credit markets, said attorney Michael McGrath, who is representing the longtime Southern Arizona RV dealer. The four properties tied to the loan, which owner Bob Beaudry guaranteed, are also crucial to Beaudry RV's ability to reorganize because of significant equity, McGrath said. Court documents show the properties are worth between $27 million and $32 million.
Full Story...
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