Monday, November 09, 2009

Lazy Days RVs files for bankruptcy

Lazy Days RV Center Inc. filed a voluntary Chapter 11bankruptcy plan.

The plan, filed in U.S. Bankruptcy Court for the District of Delaware, is expected to eliminate all of the company’s $137 million of bond debt, reducing its annual cash interest costs by about $16.2 million through the elimination of bond interest payments, the company said in a release.

Lazy Days filed a “pre-packaged” restructuring plan on Nov. 5 after receiving approvals from its lenders and bondholders. Because the approvals already have been received, the company said in the release that it expects to move through the process very quickly and complete the process by the end of the year.
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