Wednesday, June 24, 2009

Monaco’s case in final phase

Monaco Coach Corp., which not so long ago was a major employer and a national power in the RV industry, has been reduced to a handful of properties that will be sold or be subject to foreclosure by creditors.

On Tuesday, a judge agreed to the company’s request to convert its Chapter 11 bankruptcy filing, which gives it the protection of the court while it deals with financial matters, to a Chapter 7 case so it can liquidate its remaining assets: seven pieces of real estate in Oregon, Indiana and Florida.

The Oregon real estate is all that’s left after Monaco Coach sold its major assets — factories, inventory, brands and intellectual property — to Navistar International Corp. earlier this month for $47 million, and RV resort properties in California, Nevada, Florida and Michigan to assorted buyers for about $16 million.

Navistar intends to revive the brand as Monaco RV LLC and resume production at the Coburg factory, but it has not yet said when that will happen or how many people it will employ.
Full Story...
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