Friday, May 22, 2009

 

MONACO IS NOW PART OF NAVISTAR

from Greg Gerber of RVeNEWS

DOVER, Del. -- A federal bankruptcy judge in Delaware today accepted Navistar's $52 million offer to purchase Monaco, RVeNEWS has learned.

There were no other bidders, according to a source close to the case. The deal will be finalized with a settlement scheduled for June 2.

According to court documents, bankruptcy judge Kevin Carey, authorized the sale of all Monaco's assets related to its motorhome, travel trailer and chassis business free and clear of any liens, claims, encumbrances and interests.

Workhorse Holding Company is the official "purchaser," with Navistar acting as guarantor.

Although no formal announcements are expected prior to June 2, speculators suggest that Navistar will retain the Monaco brand, although with fewer dealers than currently carry the product. One source suggested as many as 40 percent of Monaco dealers would be eliminated.

"There will be some pain," said one source. "There is sure to be less dealers."

Kay Toolson will reportedly remain as head of Navistar's Monaco brand and Mike Snell will remain in his role overseeing marketing of the product. The future involvement of Monaco's President John Nepute is uncertain, one source said. Craig Wanichek, Monaco's director of investor relations, has already left the company.

The investment is a sweetheart deal for Navistar, said people familiar with the case. Monaco was a nearly $1 billion company a few years ago. For Navistar to capture Monaco's brands, employees and dealer base for $52 million -- debt free -- will give the company tremendous advantage going into the next business wave, several people speculated.

The fact that Navistar is a nearly $14 billion company bodes well for Monaco, said one source. Navistar is the largest company in the school bus market and having Monaco's brands will give it a tremendous advantage in the RV industry, he added. As of now the plan calls for Monaco motorhomes to be built with Navistar engines and Workhorse chassis. In the past, Monaco built their motorhomes on proprietary chassis.

Thursday, May 21, 2009

 

RECALL: 2001-2002 NORCOLD REFRIGERATORS (MODELS 1200LR, 1200LRIM, 1201LRIM MADE BETWEEN 03/01/01 AND 12/31/02)

Equipment Brand Name / Part No. or Model No.: Production Dates:
NORCOLD / 1200LR MAR 01, 2001 - DEC 31, 2002
NORCOLD / 1200LRIM MAR 01, 2001 - DEC 31, 2002
NORCOLD / 1201LRIM MAR 01, 2001 - DEC 31, 2002
Manufacturer: NORCOLD INC. Mfr's Report Date: MAY 05, 2009
NHTSA CAMPAIGN ID Number: 09E027000 NHTSA Action Number: N/A
Component: EQUIPMENT
Potential Number of Units Affected: 22350
Summary:
NORCOLD IS RECALLING CERTAIN REFRIGERATORS, MODELS 1200LR, 1200LRIM, AND 1201LRIM, MANUFACTURED FROM MARCH 1, 2001 TO DECEMBER 31, 2002, WITH SERIAL NUMBERS BETWEEN 1273701 AND 1536607, NON-CONSECUTIVELY. THE UNITS WERE INSTALLED AS ORIGINAL EQUIPMENT IN VARIOUS RECREATIONAL VEHICLES. A FATIGUE FAILURE IN THE SECTION OF THE COOLING UNIT WHICH CONTAINS THE REFRIGERANT COULD ALLOW THE LIQUID SOLUTION TO SLOWLY LEAK. IF A LEAK OCCURS AND THE REFRIGERATOR CONTINUES TO BE OPERATED AFTER SOLUTION CIRCULATION HAS CEASED THE HEAT SOURCE COULD GENERATE VERY HIGH TEMPERATURES. AT SUCH HIGH TEMPERATURESTHE COOLING UNIT COULD RUPTURE.
Consequence:
IF A LEAK OCCURS AND THE UNIT IS CONTINUES TO OPERATE, HYDROGEN GAS MAY BE EXPELLED AND CAN BE IGNITED, RESULTING IN A FIRE, POSSIBLY CAUSING SERIOUS INJURY OR DEATH.
Remedy:
NORCOLD IS WORKING WITH THE RV MANUFACTURERS TO NOTIFY OWNERS AND REPAIR THE COOLING UNITS FREE OF CHARGE. THE RECALL IS EXPECTED TO BEGIN DURING MAY/JUNE 2009. OWNERS MAY CONTACT NORCOLD AT 1-800-767-9101.
Notes:
OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .

 

RECALL: 2009 FLEETWOOD TRADITION MOTOR HOME: INCORRECT WEIGHT LABEL

Vehicle Make / Model: Model Year(s):
FLEETWOOD / TRADITION 2009
Manufacturer: FLEETWOOD ENTERPRISES, INC. Mfr's Report Date: MAY 07, 2009
NHTSA CAMPAIGN ID Number: 09V163000 NHTSA Action Number: N/A
Component: EQUIPMENT:OTHER:LABELS
Potential Number of Units Affected: 7
Summary:
FLEETWOOD IS RECALLING 7 MY 2009 TRADITION CLASS A MOTOR HOMES FOR FAILING TO COMPLY WITH THE REQUIREMENTS OF PART 567, 'CERTIFICATION.' THE FEDERAL CERTIFICATION TAG FIGURES RELATED TO THE TOWED WEIGHT AND TONGUE WEIGHT ARE INCORRECT.
Consequence:
A MISPRINTED LABEL COULD LEAD TO FAILURE TO FOLLOW PROPER VEHICLE LOADING SPECIFICATIONS. OVERLOADING COULD DAMAGE THE VEHICLE, ADVERSELY AFFECTING VEHICLE PERFORMANCE INCLUDING HANDLING AND BRAKING, INCREASING THE RISK OF A CRASH.
Remedy:
FLEETWOOD WILL CONTACT CUSTOMERS BY PHONE AND WILL MAIL CORRECT MANUFACTURER FEDERAL CERTIFICATION TAGS TO OWNERS FREE OF CHARGE. THE RECALL IS EXPECTED TO BEGIN DURING JUNE 2009. OWNERS MAY CONTACT FLEETWOOD OWNER RELATIONS AT 800-509-3418.
Notes:
FLEETWOOD RECALL NO. 90508. OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .

Tuesday, May 19, 2009

 

FLEETWOOD MAY HAVE A BUYER FOR PART OF IT'S MOTOR HOME DIVISION

from Greg Gerber of RVeNEWS

By KIMBERLY PIERCEALL
The Press-Enterprise
Riverside-based Fleetwood Enterprises Inc. has a bidder for part of its RV business, according to bankruptcy court filings.

First reported in the Dow Jones Daily Bankruptcy Review, New York-based private equity firm American Industrial Partners LP has offered $53 million for the company's motor-home business -- including five plants in Decatur, Ind. and all of its motor-home brands.

What isn't included in the deal is the company's manufacturing location in Riverside or any of its closed travel-trailer plants. Fleetwood has also been attempting to sell its manufactured housing division.

Fleetwood has asked the court to approve an auction that would set American Industrial's offer as the minimum bid.

In the filings Friday, American Industrial's bid was described by a Fleetwood investment consultant as a "reasonable purchase price."

The equity firm doesn't run the day-to-day operations of companies it buys, and focuses on buying mid-size industrial companies that it can streamline, according to information on its Web site.

If Fleetwood's auction proposal is approved by the court at 1:30 p.m. Thursday, initial bids would be accepted until June 18 and the auction would take place June 22, with American Industrial's bid the one to beat.

Fleetwood started trying to sell its RV and manufactured housing businesses Feb. 6, before it filed for bankruptcy March 10. Fleetwood contacted or heard from more than 75 companies since then. Of those, 10 met with management or visited Fleetwood's operations.

Fleetwood Enterprises Inc. has $20.7 million in assets compared to at least $265.2 million worth of debts, according to recent financial filings the company has made in bankruptcy court. Of that, at least $183 million is money owed to unsecured creditors.

The RV and manufactured homebuilder filed for bankruptcy March 10 but hadn't filed a comprehensive list of debts and assets until now.

Fleetwood remained the country's largest manufacturer of pricey Class A motor-homes in 2008, accounting for 18.6 percent of the market share, according to industry results from Statistical Surveys Inc. The company held a 20.4 percent market share the year prior.

Monday, May 18, 2009

 

RECALL: 2010 HEARTLAND EAGLE RIDGE FIFTH WHEEL TRAILERS: LP LINE

Vehicle Make / Model: Model Year(s):
HEARTLAND / EAGLE RIDGE 2010
Manufacturer: HEARTLAND RECREATIONAL VEHICLES, LLC Mfr's Report Date: MAY 04, 2009
NHTSA CAMPAIGN ID Number: 09V157000 NHTSA Action Number: N/A
Component: EQUIPMENT:RECREATIONAL VEHICLE:LPG LINES AND FITTINGS
Potential Number of Units Affected: 58
Summary:
HEARTLAND IS RECALLING 58 MY 2010 EAGLE RIDGE FIFTH WHEEL TRAILERS. THE LP LINE FOR THE KITCHEN SLIDE OUT IS ROUTED UNDER THE SLIDE OUT THROUGH A HANGER. THE HANGER WAS IMPROPERLY ROUTED WHICH ALLOWS THE LINE TO RUB AGAINST THE TIRE, DAMAGING THE LP HOSE AND WIRING.
Consequence:
THIS COULD POTENTIALLY CAUSE A FIRE RESULTING IN SERIOUS BODILY INJURY AND/OR PROPERTY DAMAGE.
Remedy:
DEALERS WILL RE-ROUTE THE LP HOSE, WIRING AND HANGER FREE OF CHARGE. THE RECALL BEGAN ON APRIL 27, 2009. OWNERS MAY CONTACT HEARTLAND AT 877-262-8032.
Notes:
HEARTLAND RECALL NO. 119-09-001. OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .

 

RECALL: NORCOLD REFRIGERATORS: MODEL 1200LR AND 1200LRIM FROM 1996-1999

Equipment Brand Name / Part No. or Model No.: Production Dates:
NORCOLD / 1200LR DEC 01, 1996 - FEB 28, 1999
NORCOLD / 1200LRIM DEC 01, 1996 - FEB 28, 1999
Manufacturer: NORCOLD INC. Mfr's Report Date: MAY 05, 2009
NHTSA CAMPAIGN ID Number: 09E026000 NHTSA Action Number: N/A
Component: EQUIPMENT
Potential Number of Units Affected: 5900
Summary:
NORCOLD WILL NOTIFY OWNERS AND CORRDINATE RETROFITTING THEIR COOLING UNIT WITH A SAFETY THERMAL SWITCH. OWNERS WHO HAVE RESPONDED TO SAFETY RECALL CAMPAIGN 02E-045 WILL BE CONTACTED INSTRUCTING THEM TO BRING THEIR RECREATIONAL VEHICLE INTO A SERVICE CENTER SO THAT A SAFETY THERMAL SWITCH KIT CAN BE INSTALLED ON THE REPLACED COOLING UNIT. THE REMEDY WILL BE PROVIDED FREE OF CHARGE. OWNER NOTIFICATION IS EXPECTED TO BEGIN DURING MAY/JUNE 2009. OWNERS WHO TAKE THEIR VEHICLES TO AN AUTHORIZED DEALER ON AN AGREED UPON SERVICE DATE AND DO NOT RECEIVE THE FREE REMEDY WITHIN A REASONABLE TIME SHOULD CONTACT NORCOLD AT 1-800-767-9101.
Consequence:
IF A LEAK OCCURS AND THE UNIT CONTINUES TO OPERATE, HYDROGEN GAS MAY BE EXPELLED AND CAN BE IGNITED, RESULTING IN A FIRE, POSSIBLY CAUSING SERIOUS INJURY OR DEATH.
Remedy:
NORCOLD WILL NOTIFY OWNERS AND PROVIDE A REPLACEMENT COOLING UNIT EQUIPPED WITH A SAFETY THERMAL SWITCH. OWNERS WHO HAVE RESPONDED TO SAFETY RECALL CAMPAIGN 02E-045 WILL BE CONTACTED INSTRUCTING THEM TO BRING THEIR RECREATIONAL VEHICLE INTO A SERVICE CENTER SO THAT A SAFETY THERMAL SWITCH KIT CAN BE INSTALLED ON THE REPLACED COOLING UNIT. THE REMEDY WILL BE PROVIDED FREE OF CHARGE. OWNER NOTIFICATION IS EXPECTED TO BEGIN DURING MAY/JUNE 2009. OWNERS WHO TAKE THEIR VEHICLES TO AN AUTHORIZED DEALER ON AN AGREED UPON SERVICE DATE AND DO NOT RECEIVE THE FREE REMEDY WITHIN A REASONABLE TIME SHOULD CONTACT NORCOLD SERVICE CENTER AT 1-800-767-9101.
Notes:
OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .

 

RECALL: 2002-2009 AIRSTREAM TRAILERS: EXTERIOR LIGHTING

Vehicle Make / Model: Model Year(s):
AIRSTREAM / 75TH ANNIVERSARY 2002-2009
AIRSTREAM / BAMBI 2002-2009
AIRSTREAM / DWR 2002-2009
AIRSTREAM / INTERNATIONAL 2002-2009
AIRSTREAM / OCEAN BREEZE 2002-2009
AIRSTREAM / SAFARI 2002-2009
Manufacturer: AIRSTREAM, INC. Mfr's Report Date: MAY 07, 2009
NHTSA CAMPAIGN ID Number: 09V159000 NHTSA Action Number: N/A
Component: EXTERIOR LIGHTING
Potential Number of Units Affected: 2052
Summary:
AIRSTREAM IS RECALLING 2,052 MY 2002-2009 BAMBI, INTERNATIONAL, SAFARI, 75TH ANNIVERSARY, DWR, AND OCEAN BREEZE TRAVEL TRAILERS FOR FAILING TO COMPLY WITH THE REQUIREMENTS OF FEDERAL MOTOR VEHICLE SAFETY STANDARD NO. 108, "LAMPS, REFLECTIVE DEVICES, AND ASSOCIATED EQUIPMENT." THE TRAVEL TRAILERS WERE BUILT WITHOUT REAR REFLEX REFLECTORS.
Consequence:
INADEQUATE LIGHTING COULD REDUCE VISIBILITY OF VEHICLE INCREASE THE POTENTIAL FOR A CRASH.
Remedy:
AIRSTREAM WILL SEND DEALERS SEPARATE REFLECTORS TO THE AFFECTED CUSTOMERS AND DEALERS ALONG WITH INSTRUCTIONS FOR PROPER INSTALLATION. CUSTOMERS WILL HAVE THE OPTION OF INSTALLING THE REFLECTORS OR TAKING THE TRAVEL TRAILER TO THE NEAREST AIRSTREAM CERTIFIED DEALERS. THIS WILL BE DONE FREE OF CHARGE. THE RECALL IS EXPECTED TO BEGIN DURING MAY 2009. OWNERS MAY CONTACT AIRSTREAM AT 937-596-6849.
Notes:
OWNERS MAY ALSO CONTACT THE NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION'S VEHICLE SAFETY HOTLINE AT 1-888-327-4236 (TTY 1-800-424-9153), OR GO TO HTTP://WWW.SAFERCAR.GOV .

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