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04-24-2009, 05:42 PM
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#1
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Senior Member
Join Date: Nov 2004
Location: Newport TN / St.Paul Island AK
Posts: 344
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The Deal is Done - Navistar buys Monaco for $52 million
COBURG, Ore. -- Monaco Coach Corporation announced today that the company has signed a definitive agreement to sell substantially all of the company's RV manufacturing assets to a unit of Navistar, Inc. for approximately $52 million. The board of directors of Monaco Coach Corporation has unanimously approved the transaction.... the remainder of the story can be found here...
SOURCE: Monaco Coach Corporation press release
The Register Guard story can be found here.
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Carl & Barb - 2006 Monaco Signature - Commander
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04-24-2009, 05:53 PM
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#2
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Senior Member
Monaco Owners Club
Join Date: Jul 2001
Location: SD
Posts: 1,022
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This could be good news for current owners. Navistar is a very diversified company much like Thor. All the facets of their business can help the others stay afloat when hard times hit.
The big questions are still, how will current Monaco owners be treated by the new company and how will the brand be presented in the future. Those with warranty claims are very interested in the new owner as well. It appears that shareholders in the old company are holding worthless paper now.
At least the Monaco management sold to someone whos intent is to keep the brand alive. It appears that the company was sold for a song really showing that Monacos management was thinking of those of us who currently own the product.
Could be good for the industry and the owners as well.
Ron
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2004 HR Imperial
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04-24-2009, 10:34 PM
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#3
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Senior Member
Join Date: May 2004
Location: Auburn, CA, Havasu, AZ & Mulege, BCS
Posts: 5,385
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Certainly better news than liquidation, but as an asset sale it doesn't look like there would be any obligation to service unsecured creditors at the level of current warranty holders. With the designs still being produced and the factory open, it would be easy to get parts and get the more esoteric service done. I wish at least that woulda happened @ Western RV.
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Baja-tested '08 2-slide 36'
Alpine: The Ultimate DIY'er Project
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04-25-2009, 08:31 AM
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#4
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Senior Member
Join Date: Jul 2000
Posts: 4,027
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Engineer Mike:
Western RV was a different situation. The son(s?) had run the company into the ground. The products coming of the line ranged from so so to junk. Their service for trailers and campers was a joke. Their was no brand name to save and it had no value. Although Monaco may have made some serious corporate mistakes the brand still has value. I am from Misssouri on what is happening. It aint over until the fat lady (or the judge) sings. It does appear that as owners we may get parts access and tech support. Perhaps the service facilities will reopen. I wonder how dealers will feel about the new owners? many of them were owed big $$. Will they continue to carry the product? Those are big items. Perhaps Monacos will no longer be considered orphans and value will return to our units.
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Moisheh
2008 Dynasty 42' Diamond IV
1988 Bluebird PT38
2009 Silverado Toad
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04-25-2009, 09:13 AM
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#5
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Senior Member
Monaco Owners Club Tiffin Owners Club
Join Date: May 2007
Location: SE Pennsylvania
Posts: 1,850
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Quote:
Originally Posted by moisheh
I wonder how dealers will feel about the new owners? many of them were owed big $$. Will they continue to carry the product? Those are big items. Perhaps Monaco's will no longer be considered orphans and value will return to our units.
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Those are good points. It looks as though not only stock holders will be left out of the settlement deal, but unsecured debtors as well. That would include the dealers. The $52 million is much less than that owed to just the top two secured debtors - BOA and Ableco. Navistar my end up paying more to get the sale through the court.
Still, I agree with the posts above from PusherPilot, EngineerMike, and others. The sale to Navistar is the best possible outcome for everybody with current ties to Monaco, include us coach owners.
The Register Guard link, in the opening message to this thread, includes some positive insight into Navistar's intentions.
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04-25-2009, 10:15 AM
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#6
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Senior Member
Join Date: Jul 2000
Posts: 4,027
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The lawyer for the unsecured creditors is dreaming! No matter what happens there is no way that any monies would be available for those creditors. I just thought of something else. This is the first time since the famed GMC motorhomes that a vehicle company has built motorhomes. Cortez might also fit as they mfrd. Clark forklifts and mules. They were the first RV mfr. to use a real assembly line. Just like autos the bodies were dipped in tanks to apply rust preventatives and primers. They had real engineeers. I suppose you could include Bluebird but that was entirely different as it was not mass produced and was a private company. However they did use many of the same procedures to build the MH's as in the Schoolie side of their operations. Navistar builds both School buses and MD/HD trucks. Quality control is not a new idea in those operations. If Monaco became the first RV mfr. to implement some of those procedures the results would be amazing. Could be an exciting time for Monaco and the industry as a whole!
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Moisheh
2008 Dynasty 42' Diamond IV
1988 Bluebird PT38
2009 Silverado Toad
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04-25-2009, 10:48 AM
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#7
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Senior Member
Monaco Owners Club Tiffin Owners Club
Join Date: May 2007
Location: SE Pennsylvania
Posts: 1,850
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Moisheh, you are absolutely correct in the above post. What an exciting concept.
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04-25-2009, 04:16 PM
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#8
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Senior Member
Join Date: Sep 2004
Location: Washington
Posts: 255
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what is going to be done for the fifthwheels from monaco.
chevman
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04-26-2009, 04:43 AM
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#9
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Senior Member
Monaco Owners Club
Join Date: Jan 2003
Location: Knoxville, TN, USA
Posts: 3,994
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It would appear that Navistar got Monaco at a fire sale. If a Signature goes for around $600K then that is only about 85 Signature Coaches.
Bob
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Bob and Pam
2022 Quantum JM31
2023 Colorado Z71
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04-26-2009, 01:35 PM
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#10
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Senior Member
Monaco Owners Club Workhorse Chassis Owner
Join Date: Nov 2005
Location: Crestview FLA
Posts: 1,428
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Workhorse will own all manufacturing of both towables and coaches, but you can be sure they will sell off or spin off the towables including HR towables and R-vision as a seperate company. Coaches will be sold under the HR name, High End (40 ft and larger) coaches under the Monaco name with no product duplication which has proven to not be cost effective. That is my opinion anyway.
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08 Holiday Rambler Vacationer XL 38PLT Workhorse R-26 UFO gas pusher,
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04-26-2009, 04:04 PM
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#11
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Senior Member
Join Date: Aug 2006
Posts: 135
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I wonder if this will also mean a move back to Indiana from the current Oregon factory operations? Seemingly, it would be more centralized to Navistar's subsidiary operations. Did Monaco actually sell their former Indiana factory? The purchase agreement appears to include Indiana factory, but not sure if they were referring to the R-Vision factory?
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04-26-2009, 04:31 PM
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#12
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Senior Member
Join Date: Jul 2000
Posts: 4,027
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Gramps:
Workhorse did not buy anything! I think it is a holding company owned by Navistar.
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Moisheh
2008 Dynasty 42' Diamond IV
1988 Bluebird PT38
2009 Silverado Toad
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04-26-2009, 05:17 PM
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#13
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Senior Member
Monaco Owners Club Workhorse Chassis Owner
Join Date: Nov 2005
Location: Crestview FLA
Posts: 1,428
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Quote:
Originally Posted by moisheh
Gramps:
Workhorse did not buy anything! I think it is a holding company owned by Navistar.
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"Navistar, a massive Illinois corporation that builds diesel engines, school buses, heavy trucks and military vehicles, announced a month ago that it had signed a nonbinding letter of intent to buy Monaco’s core assets for up to $50 million. On Wednesday, Monaco signed an asset purchase agreement with Workhorse, a Navistar subsidiary serving as a “stalking horse” purchaser. In bankruptcy cases, a stalking horse bid sets a threshold price so that other potential bidders can’t low-ball the purchase price."
Looks like Workhorse will be the owner to me.
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08 Holiday Rambler Vacationer XL 38PLT Workhorse R-26 UFO gas pusher,
2014 Cadillac SRX AWD, SMI Smart Box braking system.
https://myrandomviews.com/
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04-26-2009, 08:13 PM
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#14
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Senior Member
Join Date: Jul 2000
Posts: 4,027
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Gramps:
THis whole corporate structure is very confusing. Monaco is being bought by Workhorse International Holding Company not Workhorse Custom Chassis. I cannot find a layout of Navistr's divisions. There is nothing in Google about this holding company. As another person posted it might hjave ben steup jusat for this purchase. And you could be right in that it might come under the Workhorse umbrella. Strange to read on Workhorse's web site how they adamantly state that they do not build MH's just chassis. Here is who owns Workhorse Chassis:
WARRENVILLE, Ill., Aug 22, 2005 (BUSINESS WIRE) -- Navistar International Corporation (NYSE:NAV) announced today that its operating company, International Truck and Engine Corporation, has completed the acquisition of Workhorse Custom Chassis, a leading manufacturer of chassis for motor homes and commercial step-van vehicles, and Uptime Parts, a parts distribution network that supplies commercial fleets and RV dealers.
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Moisheh
2008 Dynasty 42' Diamond IV
1988 Bluebird PT38
2009 Silverado Toad
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