FOR IMMEDIATE RELEASE:
Country Coach Is Ready to Re-Open
March 19, 2009, Junction City, Oregon
-- Luxury motor coach manufacturer Country Coach is pleased to announce that its principle secured debt holders have come to terms and new reorganization financing will be made available.
With the support of Wells Fargo as the Company's primary secured creditor, and Bryant Riley as the leader of the Company's investor group, Country Coach is positioned to resume operations. The Company would also like to give special thanks to Ron Lee of Lee Joint Ventures, Company founder Bob Lee, and his wife Terry Lee for their valuable support.
Company CEO & President Jay Howard expressed gratitude to those who have assisted in the re-emergence of this preeminent Company and brand. "Our loyal employees, customers and suppliers deserve our heart felt appreciation for their steadfastness in our times of trouble. Ultimately, our biggest debt of gratitude is owed to Wells Fargo Bank, who is providing the financing for the re-birth of Country Coach as they recognize the value of financially supporting American manufacturing in the Pacific Northwest."
Next week, Country Coach plans to present details of their forward-going plan to the court. Also next week, the Company will release a comprehensive update to their interactive website, www.countrycoach.com
Mr. Howard stressed the fundamental common sense of the plan, and how it benefits all stakeholders.
"The continuation of Country Coach as a brand and a viable Oregon manufacturer serves all parties involved. Motor coaches owned by dealers and retail customers will better retain their value, suppliers who have struggled along with our Company can move towards recovery with us and new customers will enjoy an improved ownership experience."
Mr. Howard acknowledged the sacrifices made by Country Coach's many stakeholders, as well as the devastating financial damage suffered by the members of the RV industry at large during this unprecedented industry down turn. "We have never seen times like these. With wholesales shipments in our market off more than 75%, it is little wonder that Country Coach and our suppliers and employees have suffered along with many of our manufacturing peers. My heartfelt apologies go out to all who have been impacted by our Company's inability to resist these powerful industry forces. We look forward to better times ahead." Mr. Howard noted that the Company has many confirmed, in process motor coach orders to fulfill, allowing a slow and steady production facility reopening over the next several weeks.
"We look forward to once again delivering the World's Finest Motorcoaches to our loyal customers," said Mr. Howard.
Located in Junction City, Oregon, in 2009 Country Coach celebrates 36 years designing, manufacturing, and marketing, highline Class A diesel motorcoaches under brand names including Inspire 360, Allure 400 Series, Intrigue 550, Magna 630, Affinity 700 Series, and the Country Coach Prevost XL Bus Conversion. The company exclusively offers the patented Veranda feature and also designs and manufactures the custom DynoMax chassis.
To learn more about this press release, please contact Matt Howard, Vice President, Marketing and Sales Administration at email@example.com
, or 541-998-3720 x8289.