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Old 11-30-2007, 10:15 AM   #1
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http://www.pe.com/business/local/sto...rv.afc62b.html
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Old 11-30-2007, 10:15 AM   #2
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http://www.pe.com/business/local/sto...rv.afc62b.html
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Old 11-30-2007, 10:19 AM   #3
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Not very good news at all. But then things are not going weel for some in the RV business.

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Old 11-30-2007, 12:31 PM   #4
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spreggin, welcome to iRV2.com. We are gl;ad to have you join us here and we look forward to reading of your adventures and experieinces. Thanks for the link about the National RV issue. They have had their problems for awhile.
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Old 11-30-2007, 04:31 PM   #5
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I tried calling NRV this afternoon, no wonder no one answered any of the phones. This doesn't sound good
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Old 11-30-2007, 06:02 PM   #6
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Sorry to be the bearer of more bad news. See Below:

Press Release Source: National R.V. Holdings, Inc.


National R.V. Holdings, Inc. Announces Chapter 11 Bankruptcy Filing
Friday November 30, 8:55 pm ET


PERRIS, Calif., Nov. 30 /PRNewswire-FirstCall/ -- National R.V. Holdings, Inc. (Pink Sheets: NRVH - News; the "Company") today announced that the Company and National R.V., Inc., its wholly-owned subsidiary, filed voluntary petitions under the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, Central District of California, Riverside Division. The Company has taken these actions after determining that seeking Chapter 11 bankruptcy protection is in the best interests of the Company, its creditors, stockholders and other interested parties in light of ongoing financial challenges and the inability to adequately fund operations and obligations. The Company is a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Court.
ADVERTISEMENT


Dave Humphreys, the Company's Acting Chief Executive Officer, stated, "We are saddened to let go our excellent employees, especially so close to the Holidays, and even more so because National's motorhomes have never been better than they are today. After evaluating our options, however, we ultimately determined that seeking protection in bankruptcy was in the best interests of creditors and shareholders."

About National R.V. Holdings, Inc.

National R.V. Holdings, Inc., through its wholly owned subsidiary, National RV, Inc., is a producer of motorized recreational vehicles, often referred to as RVs or motorhomes. From its Perris, California facility, National RV designs, manufactures and markets Class A gas and diesel motorhomes under model names Surf Side, Sea Breeze, Dolphin, Tropi-Cal, Pacifica and Tradewinds. NRV began manufacturing RVs in 1964. This release and other statements by the Company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements about the Company's future expectations, performance, plans, prospects, as well as assumptions about future events. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, the cyclical nature of the recreational vehicle industry; continuation of losses; the ability of the Company to address the effects caused by fiberglass material supplied by a third party supplier; outcomes and developments in the Company's bankruptcy proceedings, court rulings in the bankruptcy proceedings, litigation, available financing, ability to borrow under the financing arrangements and obtain all necessary approvals in connection therewith, adverse developments in and increased or unforeseen legal and other costs, and the possibility that customers and others with whom the Company has contracted will terminate or reduce their relationships with the Company. Certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested are set forth in the Company's Form 10-K and other filings with the Securities and Exchange Commission (SEC) and the Company's public announcements, copies of which are available from the SEC or from the Company upon request.


Contact:
Thomas J Martini
800.322.6007
cfo@nrvh.com



--------------------------------------------------------------------------------
Source: National R.V. Holdings, Inc.
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Old 12-01-2007, 02:48 AM   #7
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Thats too bad. I was speaking with the rep in Sefner last week and he was pretty pumped about all the new products and innovations such as the telescoping slides, private bunkhouse along with the new models that were to be released leading up to and at the SuperShow in January.

Maybe they spent to much on trying to wow everyone instead of fixing the simple things like the lack of a decent inside door handle which is probably the only thing I didn't like about their coaches. The lack of 37 to 39 foot gas coaches probably didn't help either.

I feel bad for the workers coming in on the last day of the week to an immediate layoff. Hopefully the have secured greif counselors and carreer advisors along with a job placement agency to help the workers though all this.
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Old 12-01-2007, 03:22 AM   #8
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I wondered why the National RV repair facility in Lakeland, Florida had all it's bay doors open and not servicing about eight to ten coaches there for service, thought it was kind of strange, sorry to see this happen to the owners of National RV products. Ed.S
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Old 12-01-2007, 05:01 AM   #9
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Relate comment: I just received the January issue of Motorhome magazine. It's the thinest issue I've ever seen at 90 pages. Advertising is way off. I've also notice a drop in FMCA's magazine advertising.

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Old 12-01-2007, 06:42 AM   #10
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As I understand it, the Chapter 11 Bankruptcy provision allows for reorganization. Perhaps the company will relocate to a more favorable location than Southern California, where land and labor is not as expensive. This is a rumor that was floating around this summer.
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Old 12-01-2007, 07:19 AM   #11
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They had two choices, chap 7 and 11, and when you file chap 11, it doesn't neccessarily mean they will 'reorganize". National has no money, and most likely is gone for good unfotunately.
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Old 12-01-2007, 07:21 AM   #12
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BILL: I'm certainly no lawyer, but I believe the only other bankruptcy option available to commercial entities is "chapter 13" which is where the petetioner agrees to a complete liquadation of the assets. Chapter 11 does allow them to continue operating while trying to work out arrangements with the creditors to pay a portion of what is owed. ED
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Old 12-01-2007, 07:24 AM   #13
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Hey, just trying to be upbeat here. Todays my Birthday.
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Old 12-01-2007, 07:44 AM   #14
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Seems the airlines file 11 every other month....but the point that NRV has no money is well taken too.
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