The bankrupt RV maker auctions off everything left in its plant – from motor homes to furniture – to satisfy creditors.
To satisfy creditors, bankrupt RV maker Country Coach auctioned off what was left of the company in a two-day sale, selling everything from motor homes to intellectual property.
$2.58 million worth of motor homes were auctioned in less than an hour, while intellectual property – including blueprints and the company website – was sold for $170,000.
Country Coach, a high-end RV manufacturer founded 37 years ago in Junction City, has gone out of business. Its assets are being sold to satisfy creditors under order of a bankruptcy judge. Virtually everything inside the sprawling plant has been put up for auction Thursday and today, from office equipment and furniture to tools and parts for motor homes and other vehicles…
Country Coach filed for Chapter 11 bankruptcy last winter in an effort to reorganize its finances and gain breathing room from creditors. The company resumed production with a skeleton crew last April at a rate of one coach per week, but shut down again last fall amid faltering sales. In November, a judge converted the case to a Chapter 7 bankruptcy and ordered the company’s assets liquidated to satisfy creditors — namely Wells Fargo Bank, the company’s main secured creditor.
Read the full story at The Register-Guard.
{biztweet}Country Coach auction{/biztweet}
