Posted by: The Rainmaker Date: Wednesday, March 11, 2009 1:47:33 AM
In reply to: None Post # of 11160
FLTWQ some quick math....
assets of $558.3 million and debt of $518 million
Leaves $40 million more in assets than debt....BK will probably get creditors to accept 50-70 cents on the dollar imho...worst case $40 million more assets than debts...shares O/S 209 million....That leaves 19 cents per share in assets, trading for a penny.......
March 10 (Bloomberg) -- Fleetwood Enterprises Inc., the maker of motor homes and camping vans, filed for bankruptcy and may sell itself after losing more than 98 percent of its market value last year as U.S. shipments fell to a 30-year low.
The 59-year-old company, which had a loss every year since 2001, has assets of $558.3 million and debt of $518 million, according to Chapter 11 papers filed today in U.S. Bankruptcy Court in Riverside, California, where it is based.
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