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FLTW - just filed for Chapter 11 bankruptcy
Fleetwood Enterprises, Inc. Files Voluntary Petitions for Chapter 11 Protection; Motor Home, Housing Businesses Will Continue Operations
9:04a ET March 10, 2009 (PR NewsWire)
Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTW) ("Fleetwood"), a leading producer of recreational vehicles and manufactured housing, today filed voluntary Chapter 11 petitions for itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the Central District of California in Riverside. The filings do not include any of the company's foreign or non-operating entities.
Fleetwood's motor home and manufactured housing businesses will continue to operate while the company seeks buyers for these business units. While Fleetwood believes it has sufficient cash to operate its businesses in the immediate term, the company is also in advanced discussions with its senior secured lenders for new, debtor-in-possession (DIP) financing to supplement existing working capital. As of Jan. 25, 2009, the company had bank cash of approximately $23.0 million, excluding cash remaining in non-filing entities, principally its captive insurance subsidiary.
Filing at this time preserves Fleetwood's right to revisit its Dec. 12, 2008 Exchange Offer, in which the company issued its 14% senior secured notes. Under Chapter 11, the company has a 90-day period from the Offer's effective date in which to revisit the terms; that period will expire shortly. Terms of the senior notes effectively restricted the company from seeking investment in its businesses in view of subsequent deterioration in the market.
The filing also facilitates the closing of Fleetwood's travel trailer division, which the company has commenced. This division accounted for losses of $65.3 million in 2007 and $16.8 million in 2008. The division closing affects three manufacturing facilities and two service facilities employing approximately 675 people. The company is also laying off an additional 65 corporate associates.
"Although we made substantial progress in restructuring this division and improved the product offering, current market conditions proved too severe to continue the turnaround," stated Elden L. Smith, Fleetwood's president and chief executive officer. "We appreciate the past support of the travel trailer dealers and our associates."
Today's events follow three years of restructuring that management undertook in the face of worsening market conditions and, more recently, unprecedented credit restrictions affecting both dealers and customers. Management's actions included selling two non-core businesses, restructuring and decentralizing operations, reducing headcount company-wide by more than 70%, and adding new distribution points and a modular division. Despite these efforts, however, management determined that a Court reorganization would offer the best means of addressing the company's existing debt structure and ongoing losses in travel trailers, which cannot be supported in the current economy.
"We will use the Chapter 11 process to more rapidly restructure our overhead, pursue potential buyers, and definitively resolve our debt issues," Mr. Smith said. "Fleetwood is one of the most widely recognized names in our industries, with strong market share, an extensive dealer network and enthusiastic customer support. As important as these assets are, we must take additional steps in response to today's deepening economic challenges.
"We appreciate the support of our loyal dealers and customers. We want to assure them that we intend to continue doing business in motor homes and manufactured housing while we complete the processes before us. We will work with our dealers to support the continued sales of Fleetwood motor homes and manufactured homes."
Mr. Smith went on to say that "The RV industry has sound long-term prospects, as RVers remain faithful to the lifestyle, and we anticipate a strong rebound when the financing environment stabilizes and consumer confidence improves. In our manufactured housing business, we see growth opportunities that arise from positive demographic trends, the growing need for affordable housing in this country, and commercial modular applications, particularly for the military which represents an important segment of our market. We will be able to compete more effectively now that financing advantages of site-built homes over manufactured homes have narrowed. We are taking steps to ensure our businesses will be ready when the current markets turn up again."
Fleetwood has filed first-day motions that ask the Court to approve, among other things, payment of employee wage and benefit charges that were incurred before the petition was filed, and the continuation of certain sales incentive programs, warranty service, cash collateral, and cash management systems. The company is working with its largest national lender, Bank of America, to continue to provide competitive RV dealer and consumer financing during the reorganization period.
"The vast majority of our suppliers and dealers should see no disruption in our business," Mr. Smith emphasized. "We will continue to support our current and future product development and manufacturing."
The company's consolidated balance sheet as of Oct. 26. 2008, showed assets of $558.3 million and liabilities of $518.0 million. For the last fiscal year, the company showed annual revenues of approximately $1.7 billion. At the time of the filing, there were no defaults and no outstanding borrowings on the company's secured credit facility other than $61.7 million of undrawn letters of credit to support the company's performance of certain contracts and obligations. In addition, the company had structured debt consisting of $81.4 million in aggregate principal amount of the 14% senior secured notes and $151.3 million of 6% trust preferred securities, respectively.
The company expects to incorporate the impact of the filing on its fiscal third quarter results and file its Form 10Q as soon as it is completed.
Fleetwood is being advised by its legal counsel, Gibson Dunn & Crutcher LLP; its investment banker, Greenhill & Co., LLC; and its financial advisor, FTI Consulting, Inc.
Founded in 1950, Fleetwood Enterprises, Inc. and its various subsidiaries produce, distribute, and service recreational vehicles and manufactured housing. The company is dedicated to providing high-quality, innovative products that offer exceptional value to customers. Fleetwood continues to employ more than 3,000 people in 15 plants located in 10 states. Fleetwood's products are primarily marketed through extensive independent dealer networks throughout the United States and Canada. The company is headquartered in Riverside, Calif.
Additional information about the company's reorganization may be found online at www.kccllc.net/fleetwood or the Investor Relations/News section of www.fleetwood.com. For the next few days, a call center will be open from 9:00 am to 5:00 pm, Pacific Time, at (888) 288-1501.
Contact: The Abernathy MacGregor Group Rivian Bell or Sydney Rosencranz rlb@abmac.com; spr@abmac.com (213) 630-6550; (888) 477-4319 (24/7)
SOURCE Fleetwood Enterprises, Inc.
http://www.fleetwood.com
IN
Fleetwood Enterprises, Inc. Files Voluntary Petitions for Chapter 11 Protection; Motor Home, Housing Businesses Will Continue Operations
9:04a ET March 10, 2009 (PR NewsWire)
Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTW) ("Fleetwood"), a leading producer of recreational vehicles and manufactured housing, today filed voluntary Chapter 11 petitions for itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the Central District of California in Riverside. The filings do not include any of the company's foreign or non-operating entities.
Fleetwood's motor home and manufactured housing businesses will continue to operate while the company seeks buyers for these business units. While Fleetwood believes it has sufficient cash to operate its businesses in the immediate term, the company is also in advanced discussions with its senior secured lenders for new, debtor-in-possession (DIP) financing to supplement existing working capital. As of Jan. 25, 2009, the company had bank cash of approximately $23.0 million, excluding cash remaining in non-filing entities, principally its captive insurance subsidiary.
Filing at this time preserves Fleetwood's right to revisit its Dec. 12, 2008 Exchange Offer, in which the company issued its 14% senior secured notes. Under Chapter 11, the company has a 90-day period from the Offer's effective date in which to revisit the terms; that period will expire shortly. Terms of the senior notes effectively restricted the company from seeking investment in its businesses in view of subsequent deterioration in the market.
The filing also facilitates the closing of Fleetwood's travel trailer division, which the company has commenced. This division accounted for losses of $65.3 million in 2007 and $16.8 million in 2008. The division closing affects three manufacturing facilities and two service facilities employing approximately 675 people. The company is also laying off an additional 65 corporate associates.
"Although we made substantial progress in restructuring this division and improved the product offering, current market conditions proved too severe to continue the turnaround," stated Elden L. Smith, Fleetwood's president and chief executive officer. "We appreciate the past support of the travel trailer dealers and our associates."
Today's events follow three years of restructuring that management undertook in the face of worsening market conditions and, more recently, unprecedented credit restrictions affecting both dealers and customers. Management's actions included selling two non-core businesses, restructuring and decentralizing operations, reducing headcount company-wide by more than 70%, and adding new distribution points and a modular division. Despite these efforts, however, management determined that a Court reorganization would offer the best means of addressing the company's existing debt structure and ongoing losses in travel trailers, which cannot be supported in the current economy.
"We will use the Chapter 11 process to more rapidly restructure our overhead, pursue potential buyers, and definitively resolve our debt issues," Mr. Smith said. "Fleetwood is one of the most widely recognized names in our industries, with strong market share, an extensive dealer network and enthusiastic customer support. As important as these assets are, we must take additional steps in response to today's deepening economic challenges.
"We appreciate the support of our loyal dealers and customers. We want to assure them that we intend to continue doing business in motor homes and manufactured housing while we complete the processes before us. We will work with our dealers to support the continued sales of Fleetwood motor homes and manufactured homes."
Mr. Smith went on to say that "The RV industry has sound long-term prospects, as RVers remain faithful to the lifestyle, and we anticipate a strong rebound when the financing environment stabilizes and consumer confidence improves. In our manufactured housing business, we see growth opportunities that arise from positive demographic trends, the growing need for affordable housing in this country, and commercial modular applications, particularly for the military which represents an important segment of our market. We will be able to compete more effectively now that financing advantages of site-built homes over manufactured homes have narrowed. We are taking steps to ensure our businesses will be ready when the current markets turn up again."
Fleetwood has filed first-day motions that ask the Court to approve, among other things, payment of employee wage and benefit charges that were incurred before the petition was filed, and the continuation of certain sales incentive programs, warranty service, cash collateral, and cash management systems. The company is working with its largest national lender, Bank of America, to continue to provide competitive RV dealer and consumer financing during the reorganization period.
"The vast majority of our suppliers and dealers should see no disruption in our business," Mr. Smith emphasized. "We will continue to support our current and future product development and manufacturing."
The company's consolidated balance sheet as of Oct. 26. 2008, showed assets of $558.3 million and liabilities of $518.0 million. For the last fiscal year, the company showed annual revenues of approximately $1.7 billion. At the time of the filing, there were no defaults and no outstanding borrowings on the company's secured credit facility other than $61.7 million of undrawn letters of credit to support the company's performance of certain contracts and obligations. In addition, the company had structured debt consisting of $81.4 million in aggregate principal amount of the 14% senior secured notes and $151.3 million of 6% trust preferred securities, respectively.
The company expects to incorporate the impact of the filing on its fiscal third quarter results and file its Form 10Q as soon as it is completed.
Fleetwood is being advised by its legal counsel, Gibson Dunn & Crutcher LLP; its investment banker, Greenhill & Co., LLC; and its financial advisor, FTI Consulting, Inc.
Founded in 1950, Fleetwood Enterprises, Inc. and its various subsidiaries produce, distribute, and service recreational vehicles and manufactured housing. The company is dedicated to providing high-quality, innovative products that offer exceptional value to customers. Fleetwood continues to employ more than 3,000 people in 15 plants located in 10 states. Fleetwood's products are primarily marketed through extensive independent dealer networks throughout the United States and Canada. The company is headquartered in Riverside, Calif.
Additional information about the company's reorganization may be found online at www.kccllc.net/fleetwood or the Investor Relations/News section of www.fleetwood.com. For the next few days, a call center will be open from 9:00 am to 5:00 pm, Pacific Time, at (888) 288-1501.
Contact: The Abernathy MacGregor Group Rivian Bell or Sydney Rosencranz rlb@abmac.com; spr@abmac.com (213) 630-6550; (888) 477-4319 (24/7)
SOURCE Fleetwood Enterprises, Inc.
http://www.fleetwood.com
Loaded up at .01
I put everything in PCX and finally sold it and put it all in FAS
Now watch FAS become a sub penny stock - LOL
Good Morning all!
Have a great day - only 25 hours until market opens!
FiremanDave - thanks for you service on the boards - I too have been very busy with work and trying to survive in this disastrous economy.
Actually - Glenn Beck predicts the DOW at 2850 in 2014.
Watch at 23 seconds -
The boardmark chart of this board - reminds me of the current bear market chart - LOL
Regarding this message: Check your email - was there a disclaimer in the email?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35902235
According to Glenn Beck - the Dow should see 2800
Tomorrow is Friday the 27th - very similar to Friday the 13th - only a difference of 14!
If you do the math - the 14 when divided by MC2 X's PIE - you will find that - the DOW may go up, down or break even tomorrow - guess we will have to wait and see! At this point - its merely all math and speculation! DXO looks strong!
DELL falling hard!!!! in 7's
BQI
Oilsands Quest
I will do that - on a positive PCX note - check out the insider action! The director just added another 100,000 to his collection.
http://www.secform4.com/insider-trading/1376812.htm
http://www.mffais.com/pcx.html
Institutions are unloading and the director is gobbling them up - cheap!
Institutions are selling out of PCX and insiders are buying!
http://www.secform4.com/insider-trading/1376812.htm
Me thinks that if you could put your entire life savings on PCX - you would have very bright future - within a few years.
LOL
"Technically the sell off started when the DOW was @ 14,000...but that's just a detail."
PCX is worth a look - down from $80+ per share - third largest coal producer in the eastern US.
LOL
I am "ALL IN" on pcx!
Can't believe its in the $3 range - a guy I work with is buying 20,000 shares - hope he makes money - LOL
Hope for the best - expect the worse.
Too bad a chart can't be pulled up!
Ameritrade is running slow on the volume - it just updated.
Well - there are Diamond Girls, Goldenboys, Titanium Darts, and Oily Bodies - why not Coal Boys?
I am showing 16 million shares
PCX back to being pretty! And with only 79 million float - she should run like the dickens!
On a positive note - PCX maybe a GREAT opportunity to invest in the 3rd largest coal company of the Eastern United States!
Falling from over $80.00 - a real possible bottom play here! I am in and added more today!
Suckers keep buying thinking its a bottom: The chart says otherwise!
Dow Jones Chart - support is really not there - a run up would be difficult IMO
I put everything in PCX - now I hope for the best - LOL!
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http://www.mecpromotionsllc.com/?p=17
Glad someone else has noticed this! Actually , I thought you were one of them - LOL.
Glenn Beck predicts Dow at 2,800
WTF?
$3.09
WOW - MORE PICS PLEASE - lol
Very Nice - I will post the Trifecta Links to the IBOX
Sounds GREAT!
All we need with this song - is some shotguns and moonshine!
I have not heard of that - but it makes sense - that is the logical next step in the transition.
"Tyrants from Hitler to Mao to Stalin have sought to disarm their own citizens, for the simple reason that unarmed people are easier to control. Our Founders, having just expelled the British army, knew that the right to bear arms serves as the guardian of every other right. This is the principle so often ignored by both sides in the gun control debate. Only armed citizens can resist tyrannical government."
-- Congressman Ron Paul, June 27, 2006
LOL - that is a ROFLMAO video!
We have to stop the NEW WORLD ORDER - all of us!