February 9, 2010
- Roseburg, Oregon
Judge orders liquidation of Oregon RV maker
By Associated Press
EUGENE, Ore. (AP) — A federal bankruptcy judge has ordered the liquidation of a Lane County maker of recreational vehicles.
At a hearing Wednesday, Judge Albert Radcliffe ordered Country Coach's Chapter 11 reorganization converted into a Chapter 7 liquidation. Country Coach shut down a year ago. It later resumed limited production, but stopped building in September. The RV business was hit hard by the recession. Two years ago, the company had 1,600 employees. CEO Jay Howard said that as late as this week he was seeking an investor to keep the company going. Radcliffe said it was up to creditor Wells Fargo to decide whether the attempts should continue. Attorney Wilson Muhlheim said Wells Fargo was not interested in further attempts by Country Coach's management to find an investor, the Eugene Register-Guard reported. The bank made $8.2 million in loans to Country Coach. Howard said recently that the company's assets include 10 luxury coaches ready for sale, with a total value ranging from $5 million to $9 million, and 15 more partially built. The demise of the company surprised few in Lane County. "Pretty much everybody's been assuming that's what's going to happen, and (they've) been trying to move on with their lives," said Jim Krowka, an employee at B&I True Value Hardware. Country Coach purchases "haven't been a big part of our business for a couple of years now," he added. Junction City Administrator David Clyne said "there was a realization that the RV industry has kind of come and gone." "We're looking to move forward and succeed in a different direction. Nonetheless, we'd hoped (Country Coach) would be part of it. Now, it doesn't look good for them," he said, adding that the city has been focusing on construction of a prison and a mental hospital. |
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