Saturday, April 04, 2009

Fleetwood Announces Court Orders

RIVERSIDE, Calif., April 3 / -- Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTWE) ("Fleetwood"), a leading producer of recreational vehicles and manufactured homes, today reported that the U.S. Bankruptcy Court has approved orders that the company requested to support the continued operation of its motor home and manufactured housing businesses.

On April 1, 2009, Fleetwood received authorization through an interim order to obtain up to $80 million in Debtor-in-Possession ("DIP") financing to supplement the company's working capital needs, including a $65 million sub-limit for Letters of Credit that the company had in place prior to its Chapter 11 filing. The Court authorized the DIP financing as senior secured super-priority post-petition extensions of credit from its lenders, led by Bank of America, N.A. as agent. An additional hearing will be held on April 21, 2009, regarding a final order on the company's DIP financing.

Fleetwood also announced that its requests to pay pre-petition dealer and retailer sales incentives and warranty service claims for Fleetwood motor homes and manufactured homes were approved. Under Chapter 11, the company is permitted to continue to pay for approved post-petition warranty service that is performed on Fleetwood motor homes and manufactured homes and to pay for sales incentives earned on or after March 10, 2009, in the ordinary course of business.

Additional requests made since the company voluntarily filed for Chapter 11 on March 10, 2009, have also been approved. The orders, entered by Judge Meredith A. Jury of the Central District of California in Riverside, include:

Copies of the entered orders are available electronically at www.kccllc.net/fleetwood.

Founded in 1950, Fleetwood Enterprises, Inc. and its various subsidiaries produce, distribute, and service recreational vehicles and manufactured housing. The company is dedicated to providing high-quality, innovative products that offer exceptional value to customers. Fleetwood continues to employ more than 3,000 people in 15 plants located in 10 states. Fleetwood's products are primarily marketed through extensive dealer networks throughout the United States and Canada. The company is headquartered in Riverside, Calif.

Additional information about the company's reorganization may be found online in the news section of www.fleetwood.com or www.kccllc.net/fleetwood.
---------------------------

At RVTipOfTheDay.com we post a daily tip on the RV lifestyle, RV equipment, campgrounds, sights and attractions, safety and just about anything else useful to being an RVer. Want to have the daily tip emailed to you? Look for the subscription form at RVTipOfTheDay.com
---------------------------






<< Home

This page is powered by Blogger. Isn't yours?

Subscribe to Posts [Atom]