Saturday, May 23, 2009

Monaco Coach Sale Approved

Bizjournals.com - Charlotte,NC,USA
A federal judge on Friday approved the sale of Monaco Coach Corp.’s recreational vehicle assets to Navistar Inc.

The $52 million deal is expected to close in early June.

On April 27 the company announced it had an accepted an offer from Warrenville, Ill.-based Navistar that includes certain manufacturing facilities in Indiana and Oregon, as well as all brands, intellectual property, inventories, and equipment relating to the company’s motorized and towable recreational vehicle segments.

Navistar is manufacturer of commercial and military vehicles, as well as diesel engines and related services.

Monaco warned the proceeds of the sale will cover payments to creditors, but it won’t likely result in any additional funds being distributed to shareholders.
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