Friday, March 27, 2009
Navistar May Buy Monaco
Navistar International Corp. said Thursday it has signed a nonbinding letter of intent buy Monaco Coach Corp.'s recreational vehicle manufacturing business.
The announcements from the two companies did not mention a price for the deal. But they followed a filing in federal bankruptcy court by Monaco that said the company had a $50 million deal to sell its core business in the works.
Navistar, based in Warrenville, Ill., builds engines, school buses and trucks. Coburg Oregon-based Monaco filed for Chapter 11 bankruptcy protection earlier this month amid a plunge in RV sales.
Monaco is one of two major RV makers to file for bankruptcy in recent weeks. RV and manufactured housing maker Fleetwood Enterprises Inc., based in Riverside, Calif., filed for Chapter 11 bankruptcy protection on March 10.
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