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Seffner, Fla,-based Lazydays RV Center Inc. successfully modified its debt terms, extending the due date to Jan. 15.
The RV retailer missed a long-term debt payment of $8.1 million due Nov. 17 and was given a 30-day window to renegotiate before being considered in default.
“The objective of the negotiation is to change the terms of our financing to reflect current economic, financing, and RV industry conditions,” said Lazydays CEO John Horton.
Lazydays CFO Randy Lay reported that the forebearance agreement was signed by 93% of the bondholders, indicating that “they have some sort of confidence that we’ll have a fruitful discussion and agree to continue talking.”
“It’s essentially a bridge to a better agreement and a better year,” Lay added. “There’s still a process you have to go through, and we fully anticipate that the process is going to take some time. These things usually can take two or three months to get signed, sealed and delivered. But you’ve got to get to this point before you can get to that point.”