Orphan Coaches

[flyu2there]

Country Coach evidently is alive and well..........

"Luxury motor coach manufacturer Country Coach
is pleased to announce that its principle secured
debt holders have come to terms and new
reorganization financing will be made available.
With the support of Wells Fargo as the Company's
primary secured creditor, and Bryant Riley as the leader of the Company's investor group, Country Coach is positioned to resume operations. The Company would also like to give special thanks to Ron Lee of Lee Joint Ventures, Company founder Bob Lee, and his wife Terry Lee for their valuable support.



"Company CEO & President Jay Howard expressed gratitude to those who have assisted in the re-emergence of this preeminent Company and brand. "Our loyal employees, customers and suppliers deserve our heart felt appreciation for their steadfastness in our times of trouble. Ultimately, our biggest debt of gratitude is owed to Wells Fargo Bank, who is providing the financing for the re-birth of Country Coach as they recognize the value of financially supporting American manufacturing in the Pacific Northwest."

Next week, Country Coach plans to present details of their forward-going plan to the court. Also next week, the Company will release a comprehensive update to their interactive website, www.countrycoach.com.

Mr. Howard stressed the fundamental common sense of the plan, and how it benefits all stakeholders."

[merle&louise]

That is great news! Glad that Wells Fargo came thru with the financing. Hope everyone @ CC is re-hired and they pick up where they left off. I know all CC owners on this site are happy about this great news.

[dale farley]

This is good news. I was just telling the others here at the Mobile rally about it, and Roger says he is raising the price on his bus. I guess this means we have been reinstated to the CC family and are no longer ophans.

[Denny]

I believe in being Born Again and now CC is born again! Glad to hear this and not be an orphan anymore.

[garyde]

Wells Fargo probably owns the whole Company but can not operate it. They are probably going to whittle down the assests thru selling portions of the company slowly rather than a full licquidation. I doubt anyone put up any new money. The owners bought time, but not much I think.

[flyu2there]

Wells Fargo probably owns the whole Company but can not operate it. They are probably going to whittle down the assests thru selling portions of the company slowly rather than a full licquidation. I doubt anyone put up any new money. The owners bought time, but not much I think.

Gary,

While I am certain that there are bankers that would like to do as you describe, it is not quite ethical and certainly not legal for them to do so.
Remember that CC is in Chapter 11 bankruptcy and as such their emergence will be regulated by and approved by the Court.

What happened to Country Coach could easily happen to any company in the current economic climate. True, the recent management apparently has not focused on the customer/consumer relations however I would suspect with this revival that issue will change.

[Petervs]

Even if Country Coach is still in business it does not mean that there are any customers who are ready to walk into their dealership's doors and plunk down $500,000 from their 401k plan to buy a new coach. Or maybe they decide to finance it. Then they need to plunk down $100,000 and find a bank to lend them the rest. There might not be one now.

I agree, all they did was buy a little time. Few employees will be hired back, few coaches will be built and sold, but the company can be dismantled with a higher return on assets, maybe.

[flyu2there]

Peter

Understand the logic however, the same can be applied to every motor home manufacturer and convertor out there. Big difference here is that CC had to present a plan that was viable to the lender and to every other creditor they have, then it has to be approved by the Court. Obviously someone with considerable more saavy than most of us on this forum, has agreed.

Makes no sense to obtain financing in hopes that someone will get a better price to piece the business out at some point in the future.

No doubt there will be some changes in CC but to speculate on whom, what and where is just that...speculation without one iota of information or fact.

Personally, I wish them the best! It troubles me to read, nearly every day now, how some company or organization has fallen victim to this recession. Any trained economist will tell you that the economy, a living and breathing thing, is greatly impacted by its participants. Only once all of begin to feel that the economy is improving will things get better.

[Sid Tuls]

Peter

Understand the logic however, the same can be applied to every motor home manufacturer and convertor out there. Big difference here is that CC had to present a plan that was viable to the lender and to every other creditor they have, then it has to be approved by the Court. Obviously someone with considerable more saavy than most of us on this forum, has agreed.

Makes no sense to obtain financing in hopes that someone will get a better price to piece the business out at some point in the future.

No doubt there will be some changes in CC but to speculate on whom, what and where is just that...speculation without one iota of information or fact.

Personally, I wish them the best! It troubles me to read, nearly every day now, how some company or organization has fallen victim to this recession. Any trained economist will tell you that the economy, a living and breathing thing, is greatly impacted by its participants. Only once all of begin to feel that the economy is improving will things get better.

I agree in 2012 when we have "CHANGE"

[Petervs]

Fly UThere, I still see no customers with money to spend, so there is no way they can be profitable. I think this way they can dismantle the company in a more orderly fashion and end up with a little bit more money than a total write off of monies owed to all creditors now.

And Sid, are you inferring that you believe the current administration can not solve the economic woes of this country and only if the Republicans regain being in charge in 2012 then you might believe there is hope? To me that is absurd. The present administration did not make this mess, they may or may not be able to solve it, but it is my wish, hope and desire that they can for the good of us all. Since they have been in charge for barely 2 months I am still willing to support their effort. Maybe if we all focus on what is good for America rather than one party or the other we can solve the problem faster?

I certainly hope there is a light at the end of the tunnel before 4 years goes by.