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Old 02-13-2009
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iamflagman iamflagman is offline
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Default Creditors force Country Coach into bankruptcy

Tuesday, February 10, 2009, 2:08pm PST


Creditors force Country Coach into bankruptcy


Portland Business Journal

Creditors force Country Coach into bankruptcy

Three creditors of Country Coach LLC have filed a petition forcing the RV maker into involuntary bankruptcy.
The move comes less than two weeks after San Francisco-based Wells Fargo & Co. filed a lawsuit against Junction City-based Country Coach seeking immediate repayment of roughly $8 million of a $25 million loan.
The involuntary bankruptcy is apparently an attempt by the company’s creditors to prevent a forced liquidation in order to repay the debt to Wells Fargo. Bankruptcy will provide protection for the company as it tries to restructure.
The petition was filed by Riley Investment Management, B. Riley & Co. LLC and Portland-based Fluid Connector Products Inc.
Riley Investment Management and B. Riley & Co. are Los Angeles-based partial owners of the company. Riley Investment Management paid $38.8 million for the company in 2007, according to the Los Angeles Times. The company also assumed $13 million in debt as part of the purchase.
Country Coach owes Riley Investment Management and B. Riley & Co. a combined $780,000, according to the bankruptcy petition.
Country Coach owes Fluid Connector Products $187,000.
In a motion filed with the court, Wells Fargo claims Country Coach continues to violate the terms of its loan with the bank. It also alleges that the company ceased operating in Dec. 2008.
A message on Country Coach’s voice mail says the company is on a seasonal shutdown.


http://portland.bizjournals.com/search/results.html
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Old 02-13-2009
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It will be interesting to see how this plays out.
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