Thursday, March 19, 2009

Fleetwood in loan talks with BofA

Motor home maker Fleetwood Enterprises Inc (FLTWQ.OB) is negotiating with Bank of America (BAC.N) for bankruptcy financing and hopes to present a plan to a bankruptcy court as early as next week, according to court documents.

Fleetwood, which also makes manufactured housing, has asked the court to approve emergency funding to pay workers' compensation benefits to third-party administrators, according to the company's filing with the Bankruptcy Court for the Central District of California in Riverside on Monday. A hearing was scheduled for 11 A.M. PDT today (Tuesday).

Fleetwood filed for bankruptcy on March 10, hurt by high fuel prices and the U.S. economic recession that had limited sales of its motor homes. The U.S. housing market decline has also slashed demand for its manufactured homes.

It is shuttering its travel trailer division and seeking a buyer for its motor home and manufactured housing units.
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