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Lazydays logoLazy Days RV Center Inc., Seffner, Fla., the operator of the single-largest recreational vehicle dealership in the world, has an approved reorganization plan less than five weeks after beginning the prepackaged Chapter 11 case, according to Bloomberg.com.

The bankruptcy judge in Delaware signed a confirmation order on Tuesday (Dec. 8) approving the plan that was accepted by affected creditor classes before the filing on Nov. 5. The reorganization was hashed out with holders of 82% of the $138 million in unsecured bonds that are being exchanged under the plan for the new stock.

In addition to the bonds, Lazy Days has $22 million in first-lien bank debt.

The plan investors are providing $10 million in equity. In return, they receive senior convertible preferred stock. In addition, they provided $65 million in financing for the reorganization that rolls over after confirmation.

Unsecured creditors are paid in full.

Lazy Days was acquired by Bruckmann Rosser Sherrill & Co. II LP in May 2004 in a $217 million transaction. The company has one mobile home and recreational vehicle sales and service center on 126 acres near Tampa, Fla.