Luxury motor coach manufacturer Country Coach LLC said that its principle secured debt holders have come to terms and new reorganization financing will be made available.
With the support of Wells Fargo Bank as the company’s primary secured creditor, and Bryant Riley as the leader of Country Coach’s investor group, the company said it is positioned to resume operations. Country Coach shut down its Junction City, Ore., facility last December.
The company reported that it has many confirmed, in-process motor coach orders to fulfill, allowing a slow and steady production facility reopening over the next several weeks.
“Our loyal employees, customers and suppliers deserve our heart-felt appreciation for their steadfastness in our times of trouble,” said CEO and President Jay Howard. “Ultimately, our biggest debt of gratitude is owed to Wells Fargo Bank, who is providing the financing for the rebirth of Country Coach as they recognize the value of financially supporting American manufacturing in the Pacific Northwest.”
Country Coach noted that efforts by Ron Lee of Lee Joint Ventures, and company founder Bob Lee, along with his wife, Terry, also were key in working out a deal.
Next week, Country Coach plans to present details of its forward-going plan to the court. Also next week, the company will release a comprehensive update to their interactive website, located at Country Coach.
“The continuation of Country Coach as a brand and a viable Oregon manufacturer serves all parties involved,” said Howard. “Motor coaches owned by dealers and retail customers will better retain their value, suppliers who have struggled along with our company can move towards recovery with us and new customers will enjoy an improved ownership experience.”
Howard acknowledged the sacrifices made by Country Coach’s stakeholders, as well as the “devastating financial damage” suffered by the members of the RV industry at large during this unprecedented industry downturn.
“We have never seen times like these,” he said. “With wholesales shipments in our market off more than 75%, it is little wonder that Country Coach and our suppliers and employees have suffered along with many of our manufacturing peers. My heartfelt apologies go out to all who have been impacted by our company’s inability to resist these powerful industry forces. We look forward to better times ahead.”