Country Coach Owners Forum Country Coach Motorcoach Forum

Just read on another BB that CC factory will shut down on May 21 for

days for failure to meet workman's comp payments. Anyone have

Just read on another BB that CC factory will shut down on May 21 for

days for failure to meet workman's comp payments. Anyone have

Completely false. CC is in the middle of hiring & working Fridays & > Saturdays to keep up with sold orders. There sure has been a rash of > bad CC rumors recently, wonder where they are coming from? Which

did you originally see it on? >

Damon K. Rapozo

Who works in Junction City next to the factory >

Quote from: dons2346"[/quote

Quote

>]
> Just read on another BB that CC factory will shut down on May 21

for

It was on the RV.net site. Turns out some poster was trying to be > cute. I think it was in poor taste and have posted as such. I

got started when I said I was going to Oregon to check on my

I certainly didnt take it as a joke as can be seen by another

here first posting the news.

Quote from: damonrapozo"

> Completely false. CC is in the middle of hiring & working

Fridays &

Quote

Saturdays to keep up with sold orders. There sure has been a

rash of

Quote

bad CC rumors recently, wonder where they are coming from? Which > board

> did you originally see it on?
>

> Damon K. Rapozo

> Who works in Junction City next to the factory > >
>

[quote author=dons2346"

>]
> > Just read on another BB that CC factory will shut down on May

21

I just took another look at the NVH quote using Yahoo financial

and here is an excerpt from a filing by CC about the credit line: >

Default Under Credit Facility

The Company is a party to an asset-based revolving credit facility > of $15 million with UPS Capital Corporation (UPSC) that expires in > August 2005 (Credit Facility). The Credit Facility contains certain > covenants which, among other things, requires the Company to

UPSC with audited financial statements for each year within 90 days > following the end of the year and to comply with related financial > statement covenants. The Company's inability to satisfy these > covenants constitutes an event of default under the Credit

which if unremedied or not waived, would enable UPSC to seek > immediate repayment of all obligations. UPSC has indicated to the > Company that it will furnish a written waiver of these defaults. As > a result of the expiration of the Credit Facility in August, the > Company is assessing its liquidity and ability to continue as a > going concern. The Company believes that it will be able to enter > into a new credit facility that would extend beyond December 31, > 2005, although there can be no assurance that it will be able to do > so.

Maybe the following excerpt from the above quote is what caused

concern:

"As a result of the expiration of the Credit Facility in August, > the Company is assessing its liquidity and ability to continue as a > going concern."

Maybe these words were CC's way of bluffing the creditor into > extending the line of credit, who knows, I don't.

I found the comments at this site: >http://biz.yahoo.com/prnews/050401/laf030.html?.v=5 >

I have no idea if any of this relates to the original posters > contention that there would be a plant closure to address workers > compensation. Workers compensation reserves are mentioned in the > financial filing but no mention of a plant closing.

Ray

2000 Inrigue

[quote author=travman100"

> Do a search on CC credit line and you might find that they were

default on that a little earlier this year but a later article > > indicated that they had worked out an extension of the repayment > > plan to the creditor. I am not sure if that is related to the > issue

> that is being discussed here but it does appear there was a "cash > > flow" situation since they couldn't meet the payment terms of the > > above mentioned credit line. I saw this on a brokerage site where > it

> had links to business articles about stocks, I think I had done a > > quote search on NVH and saw the credit line article mentioned.
>

> Lets hope they stay in business, sure is nice to be able to call > one

> place to order parts rather than having to research parts houses > to

> find the needed part.
>
> Ray

> 2000 Intrigue
>

[quote author=damonrapozo"
>]
> > Completely false. CC is in the middle of hiring & working > Fridays
> &

> > Saturdays to keep up with sold orders. There sure has been a > rash
> of

> > bad CC rumors recently, wonder where they are coming from?

Todd,

That is good you are so sure about it but that doesn't rule out

there are financial problems as NVH has put forth in their

filings. So your confidence is fine but it would be nice if their > financial filings projected the same confidence, I would certainly > feel a lot better if they National Holdings hadn't said: >

> "As a result of the expiration of the Credit Facility in August, > > the Company is assessing its liquidity and ability to continue as

going concern."
> that is the comment in National Holdings financial report that make > me a bit nervous about my ability to continue buying my parts > through CC parts facility. To me that would be the biggest impact

my interaction with them. If National Holdings financial officers > are concerned about their "ability to continue as a going concern" > then I am also concerned about that and I refuse to stick my head

the sand and pretend it isn't of concern to me and others.

Ray

2000 Intrigue

[quote author=The Stinger"

> Let me say it again just as others said..The rumor is 100 percent > > false. I should know as I explained it on RV.net and was the one > whom

> the rumor was directed. Here is the bottom line and hopefully

can be laid to rest and we can all enjoy owning a Country Coach.
On

> the other board I mentioned that I am flying to Oregon this week > to

> look at my new Affinity. One poster decided to be cute and post > that

> there was going to be a 30 day shutdown. He gave no indication it > was

> a joke and I didnt take it as one and neither did the poster who > > originated the post on this board. Finally, it was brought to > light

> that the poster as it was put was "trying to pull my chain". The > > moderator of RV.net did not find it funny either and removed the > > post. So there you have it. A pure case of envy or jealousy or > some

> other reason that caused someone to stoop to the level of being a > > child saying something they should not have. Again, no truth > > whatsoever and honestly there should be no reason to try and > figure

> out if there was any truth to it as there was none.
>

> Todd

> 2006 Affinity 6559
>
>

[quote author=travman100"
>]
> > I just took another look at the NVH quote using Yahoo financial > > site

> > and here is an excerpt from a filing by CC about the credit

>

> > Default Under Credit Facility > > >

> > The Company is a party to an asset-based revolving credit > facility

> > of $15 million with UPS Capital Corporation (UPSC) that expires > in

> > August 2005 (Credit Facility). The Credit Facility contains > certain

> > covenants which, among other things, requires the Company to > > provide

> > UPSC with audited financial statements for each year within 90 > days

> > following the end of the year and to comply with related > financial

> > statement covenants. The Company's inability to satisfy these > > > covenants constitutes an event of default under the Credit > > Facility,

> > which if unremedied or not waived, would enable UPSC to seek > > > immediate repayment of all obligations. UPSC has indicated to > the

> > Company that it will furnish a written waiver of these

As

> > a result of the expiration of the Credit Facility in August,

> Company is assessing its liquidity and ability to continue as a > > > going concern. The Company believes that it will be able to > enter

> > into a new credit facility that would extend beyond December

> 2005, although there can be no assurance that it will be able

do
> > so.
> >

> > Maybe the following excerpt from the above quote is what caused > > some

> > concern:
> >

> > "As a result of the expiration of the Credit Facility in > August,

> > the Company is assessing its liquidity and ability to continue > as a

> > going concern."
> >

> > Maybe these words were CC's way of bluffing the creditor into > > > extending the line of credit, who knows, I don't.
> >

> > I found the comments at this site: > > >http://biz.yahoo.com/prnews/050401/laf030.html?.v=5 > > >

> > I have no idea if any of this relates to the original posters > > > contention that there would be a plant closure to address > workers

> > compensation. Workers compensation reserves are mentioned in

> financial filing but no mention of a plant closing.
> >
> > Ray

> > 2000 Inrigue
> >
> >
> >
> >

[quote author=travman100"
> >]
> > > Do a search on CC credit line and you might find that they > were
> in

> > > default on that a little earlier this year but a later

> Everybody take two Valiums. I am both a CC owner and a

>

Ask yourselves some basis questions before you jump to

>

Are they hoarding cash and not spending on A&D and new products?

>

Are their production facilities operating near capacity? Yep >

Do their employees appear to be happy and taking care of

>

Are there are other lenders waiting in the wings if UPS Capital

>

Kevin Barron
Intrigue #10550
SVP - Regions Bank

Above referenced company disclosure below: >

The Company is a party to an asset-based revolving credit facility > of $15 million with UPS Capital Corporation (UPSC) that expires in > August 2005 (Credit Facility). The Credit Facility contains

covenants which, among other things, requires the Company to

UPSC with audited financial statements for each year within 90

following the end of the year and to comply with related financial > statement covenants. The Company's inability to satisfy these > covenants constitutes an event of default under the Credit

which if unremedied or not waived, would enable UPSC to seek > immediate repayment of all obligations. UPSC has indicated to the > Company that it will furnish a written waiver of these defaults.

a result of the expiration of the Credit Facility in August, the > Company is assessing its liquidity and ability to continue as a > going concern. The Company believes that it will be able to enter > into a new credit facility that would extend beyond December 31, > 2005, although there can be no assurance that it will be able to

so.

Great percise post Kevin, thank you.

Damon

[quote author=Kevin Barron"

> Everybody take two Valiums. I am both a CC owner and a > commercial banker of 20+ years. The boilerplate verbage that was > quoted in an earlier post about CC being in technical default of > their loan covenants vis-a vis not producing their audited > financials within 90 days of FYE (that's fiscal year end) is about > as common for public company's these days as electrical gremlims

in our coaches. In this era of Sarbanes-Oxley, public companies > have little choice but to err on the side of being super- > conservative, and the statement that CC disclosed (which I've > recited again below) is not only completely appropriate, but is > required by their auditors and the SEC. It is hardly uncommon.

I, as a commercial lender, pushed the panic button every time I

one of these disclosures in my customer's financial statements, I > wouldn't belong in the business. And perhaps some of the people

are insinuating the impending downfall of CC should not be opining > on things they have no real knowledge or understanding of.
Shouldn't end with a proposition but tuff.
>

> Ask yourselves some basis questions before you jump to > conclusions. Is CC selling at least it's share of high-end

at eyepopping prices? You betcha.
>

> Are they hoarding cash and not spending on A&D and new

Nope
>

> Are their production facilities operating near capacity? Yep > >

> Do their employees appear to be happy and taking care of > business? Sounds like it, doesn't it.
>

> Are there are other lenders waiting in the wings if UPS Capital > stubs their toe and doesn't renew CC's credit facility? You

believe it.
>
>

> Kevin Barron
> Intrigue #10550
> SVP - Regions Bank
>

> Above referenced company disclosure below: > >

> The Company is a party to an asset-based revolving credit

of $15 million with UPS Capital Corporation (UPSC) that expires

August 2005 (Credit Facility). The Credit Facility contains > certain

> covenants which, among other things, requires the Company to > provide

> UPSC with audited financial statements for each year within 90 > days

> following the end of the year and to comply with related

statement covenants. The Company's inability to satisfy these > > covenants constitutes an event of default under the Credit > Facility,

> which if unremedied or not waived, would enable UPSC to seek > > immediate repayment of all obligations. UPSC has indicated to

Company that it will furnish a written waiver of these defaults.
As

> a result of the expiration of the Credit Facility in August, the > > Company is assessing its liquidity and ability to continue as a > > going concern. The Company believes that it will be able to

into a new credit facility that would extend beyond December 31, > > 2005, although there can be no assurance that it will be able to > do
> so.

>