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Monaco Coach agrees to $52 million sale of RV manufacturing assets
By Caroline Salls
Pittsburgh, April 24 - Monaco Coach Corp. has signed a definitive agreement to sell substantially all of its RV manufacturing assets to a unit of Navistar, Inc. for $52 million, according to a company news release.
Monaco said its board of directors has unanimously approved the transaction, which is scheduled to close by June 1.
"We are excited to move forward with the tremendous resources of Navistar, Inc. supporting our great products," Monaco Coach chairman and chief executive officer Kay Toolson said in the release.
"Everyone at the company is ready and committed to again build the highest quality RVs in the industry, offer the best customer support and bring jobs back into the communities in which we operate."
The closing is subject to completion of the bankruptcy court approval process, including solicitation of competing bids.
According to the release, the sale includes manufacturing facilities located in Indiana and Oregon, as well as all of Monaco's brands, intellectual property, inventories and equipment related to its motorized and towable recreational vehicle segments.
The sale does not include the company's Motorhome Resorts segment, Roadmaster Cargo Trailer business and several industrial properties.
Monaco said it continues to work with other interested parties regarding the acquisition of its Motorhome Resorts segment and other assets.
Monaco Coach, a Coburg, Ore.-based designer, manufacturer and seller of motor coaches and towable recreational vehicles, filed for bankruptcy on March 5 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10750.
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