Monday, February 02, 2009
WILL COUNTRY COACH SURVIVE THIS LATEST ISSUE?
RV Business
Monday, February 2, 2009
Country Coach Inc.’s main creditor has filed a federal lawsuit against the Junction City, Ore.-based RV maker, demanding immediate payment of nearly $8 million.
The Register-Guard reported that in a complaint filed in U.S. District Court in Eugene, Wells Fargo Bank also asks a judge to appoint a receiver who would take possession and sell collateral pledged to the bank and to issue a temporary restraining order to bar the company from disposing of any collateral owed to Wells Fargo.
A hearing is scheduled Wednesday (Feb. 4) morning on Wells Fargo’s complaint.
Country Coach’s Junction City factory has been shut down since early December. The privately-held company’s CEO, Jay Howard, notified employees on New Year’s Eve that the company would close for good by the end of February unless it was able to obtain additional financing.
Monday, February 2, 2009
Country Coach Inc.’s main creditor has filed a federal lawsuit against the Junction City, Ore.-based RV maker, demanding immediate payment of nearly $8 million.
The Register-Guard reported that in a complaint filed in U.S. District Court in Eugene, Wells Fargo Bank also asks a judge to appoint a receiver who would take possession and sell collateral pledged to the bank and to issue a temporary restraining order to bar the company from disposing of any collateral owed to Wells Fargo.
A hearing is scheduled Wednesday (Feb. 4) morning on Wells Fargo’s complaint.
Country Coach’s Junction City factory has been shut down since early December. The privately-held company’s CEO, Jay Howard, notified employees on New Year’s Eve that the company would close for good by the end of February unless it was able to obtain additional financing.
