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The Latest on the CC Auction

Yahoo Message Number: 55580
Bankrupt Country Coach's equipment, inventory and furnishings will be sold at auction on Feb. 4, beginning at 9 a.m., according to bankruptcy court records.
The auction, an inglorious end to a company that was once one of Lane County 's largest employers, is expected to bring in more than $5 million, according to the auctioneer hired by the bankruptcy trustee. The company's assets include 10 luxury coaches completed and ready for sale and 15 partially built coaches, Country Coach CEO Jay Howard has said.
The Junction City RV maker, which employed 1,600 people two years ago, filed for the protection of the bankruptcy court early this year. That action shielded it from creditors while giving it a chance to reorganize its finances. Last month, U.S. Bankruptcy Judge Albert Radcliffe ordered Country Coach be liquidated after it missed repeated deadlines for submitting a reorganization plan.
Wells Fargo, which was owed more than $8.4 million by Country Coach, according to court documents, is the company's largest creditor. Trustee Kenneth Eiler said in a notice filed with the court that Wells Fargo is expected to receive partial payment of the money it is owed.
Riley Investment Management, which is headed by Bryant Riley, both an owner and creditor of Country Coach, is not expected to receive any money.
Lee Joint Venture, which owns the land where Country Coach is located, is expected to receive about $25,000 it is owed. Any debt Country Coach owes Lee beyond that is not expected to be paid, according to court documents.

Don

'02 Intrigue #11427
'02 Intrigue #11427

Re: The Latest on the CC Auction, CC Value, & Foretravel

Reply #1 –
Yahoo Message Number: 55623
Thanks Don for the update,

The CC bankruptcy does tie in to the value of used CC's. Based on my experience of buying a Legendary Prevost, which I bought one week before they closed the doors; initially the value of the CC coaches will go down (my did big time even though I bought at a exceptional price). I believe the value of used CC coaches will eventually go up dependent on numerous factors, such as, the economy, demand, availability of used CC's, etc.
Which leads to which coach manufacturer will void the that CC has left? My opinion is that Foretravel will most likely fill that void if they recognize the opportunity to do so. According to RV Consumer Group, Foretravel is the highest rated Class A manufacturer; receiving 5 stars (the highest rating) for most of their models. I have personally gone through a tour of their facilities in Nagodoces, TX and they do make a very nice coach. The only reason I did not buy one before (when I bought my CC) was that I thought CC offered more value for the price (at that time). If all things had been equal, I would have definitely bought the Foretravel. It will be interesting to see if Foretravel will try to manufacture coaches in the price range that Country Coach did. Currently they appear to be trying to go head to head with Newell and Prevost offering coaches as expensive as a million dollars. Too pricey for me but if they offered coaches in the $300K to $500k then they would be a force to deal with. Currently right now, I don't know of any coach manufacturer out there who makes a high quality (quality defined as at least as good as CC or Foretravel) coach in the $300 - $500 range. Just my perspective.

Disclaimer: I do not now or have ever worked for Foretravel ...

Rick

CC Allure, 31018

Re: The Latest on the CC Auction, CC Value, & Foretravel

Reply #2 –
Yahoo Message Number: 55624
Rick, I enjoyed reading your post. I think the day of the high end coach builder is gone. Country Coach, the old Beaver are done and Monaco have strayed from strictly high end over the years. Foretravel is it and you are right in that they are expensive. Having said that there are a lot of very nice coaches out there but nothing in the league of old Marquis' and Affinity's.
John F.
SOB