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Old 09-05-2009, 06:23 AM   #1
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lazy days

just found out lazy days in seffner fl has filed for bankruptcy protection on the local news what happens to our warranty work dealers are are starting to go under everywhere.

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Old 09-05-2009, 06:54 AM   #2
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This is not as bleak as it sounds. Expanded information on this is available in the various trade publications. The company already has a buyer, who has provided $10 million of temporary capital. The bankruptcy filing is more of a procedural matter. The company will continue to do business as it has in the past. The current management team will remain. The entire process (filing and emerging) should take 90-120 days. From an employee, customer and supplier point of view, nothing changes.

The new owners are an investment firm that buys solid companies, in cyclical markets, that are at a low in the cycle.

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Old 09-05-2009, 07:18 AM   #3
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Old 09-05-2009, 07:19 AM   #4
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Not to worry, hullview. The bankruptcy is part of a process to restructure their debt and make the company healthier. Basically, bondholders will swap their bonds for stock and business will continue as usual.

Here's a letter I received from Lazydays CEO John Hortion explaining the situation:

This current recession has had a negative impact on nearly every sector of our economy and the RV industry has been particularly hard hit. In light of the challenges that the downturn has presented to us, we have for some time been working with our bondholders to restructure our debt. We believe this financial revamping process will help Lazydays weather the present storm, while positioning our business so we can better serve our customers and ultimately thrive as our country’s economic conditions improve.

Today, September 4, 2009, we announced that we have reached agreement in principle with our floor plan lenders and the majority (in value) of our bondholders on a debt restructuring plan that aims to put us on a sound financial foundation both now and for years to come. Upon receiving approval from the requisite 50% by number of our bondholders , we expect to implement our plan by voluntarily filing to reorganize under Chapter 11 of the U.S. Bankruptcy Code. Our Chapter 11 filing will be a “prepackaged” filing; the Company’s financial arrangements will have been pre-negotiated and concluded prior to the filing. We believe this is the most expeditious and efficient way to strengthen our balance sheet without impacting our customers, employees or suppliers in the process. We expect to complete the process within the next few months.

The debt restructuring is a financial transaction that will not impact the operations of our dealership, nor will it impact your experience here at Lazydays. You can be assured that it is 100% business as usual at Lazydays. We will continue to offer the very best product selection in the industry, supported by our professional sales force and serviced by our skilled technicians. Our customer benefits remain unchanged, including all the services we offer and the warranties we provide.

Most importantly, none of our employees will be affected; we are all here and ready to be of service to you with an even greater energy and passion to take wonderful care of you and all of your RV needs.

Completing this restructuring will make us a much stronger company and ensure our viability for the long term by eliminating our debt and allowing us to invest more in a business that provides the best customer service in the RV industry and the best experience to any RVer in this country.
Gary Brinck
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