A creditor owed nearly $8 million has forced the closure of Ingram RV’s two sales lots in Eugene and Coburg, Ore., according to a report in the Register-Guard.
The gate to the longtime RV dealer’s Coburg store was padlocked last week, and its Highway 99 dealership also was closed, although the front door was unlocked and employees were working there Thursday (Nov. 16).
CEO Mark Ingram did not return multiple phone calls seeking comment, and his attorney had no comment. An attorney for the creditor, GE Commercial Distribution Finance Corp., part of General Electric, could not be reached for comment.
According to a complaint filed last month by the GE financial firm RV Indio LLC, Ingram RV arranged financing with Deutsche Financial Services Corp. in 2000. GE Commercial Distribution Financial later acquired the debt.
As part of the loan agreement, Ingram RV granted a security interest to the lender in all inventory that Ingram RV financed and their proceeds.
Ingram breached the terms of the agreement by failing to pay GE when it sold RVs, despite GE’s demand for payment, the complaint states.
GE demanded that Ingram pay off all its debt, a sum totaling $7.9 million.
On Wednesday, Lane County Circuit Judge Lauren Holland found that there was probable cause to support GE’s claim and ordered sheriff’s deputies to secure Ingram RV’s inventory; restrained Ingram from removing, selling or hiding its RVs; and directed GE to begin arbitration proceedings to settle the matter.