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Luxury motorcoach manufacturer Country Coach LLC responded to the legal action taken by Wells Fargo Bank (see previous RVBUSINESS.com story), stating that it could “potentially affect the company’s ability to resume production and exist as a going concern.”
According to Country Coach, its legal team is working to address the bank’s issues. Also, in response to the bank’s action, last week Country Coach management allowed the company’s furloughed employees access to the facility to take possession of their personal property kept at the Country Coach campus.
“We continue to diligently pursue all alternatives with our lenders, equity holders and outside investors to secure the financing or investment necessary to bring workers back, and to reopen our factories,” said President and CEO Jay Howard. “Allowing employees closely supervised access to only their personal items is a measure to minimize the risk to their valuable tools or other personal items because of the bank’s legal actions.”
Howard said that the company’s employee base has always been the its “most valuable asset,” and it hopes to provide them “an opportunity to return to work with their tools and personal items in the near future.”
Regarding Country Coach’s future, Howard noted: “In spite of many persistent economic challenges, we remain cautiously hopeful that we will re-open our doors before spring.”
Howard referenced the multiple viable investors who have “expressed an interest in being a part of Country Coach’s reopening and ongoing negotiations with these parties to secure the company’s future.”
Howard also noted the ongoing support of Sen. Ron Wyden’s office in pursuing a positive solution for Country Coach’s over 500 employees.
“For more than four months, Sen. Wyden and his team have worked diligently to secure help for Country Coach and others in our Oregon-based industry,” he said. “He and Rep. DeFazio continue to work independently and together for the benefit of the entire RV community, and they both have our sincere gratitude for their past, current, and future efforts on our behalf.”