Lazydays get re-org approval

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Gary RV_Wizard

Gary RV_Wizard

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According to Bloomberg.com, the federal bankruptcy judge approved Lazydays "pre-packaged" reorganization plan yesterday (12/10/2009), only 5 weeks after it was submitted.  This effectively means they have exited the Chapter 11 bankruptcy process.

http://www.rvbusiness.com/2009/12/lazydays-gets-ok-for-prepackaged-ch-11-case/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+RvBusiness+%28RV+Business%29
 
YEAAA!  Good for them.  Hope there are more like 'em!

ArdraF
 
It's now official - CEO John Horton announced today that Lazydays has exited the Chapter 11 process and is out from under of the supervision of the bankruptcy court.

As a result of the swap of bonds for equity (shares of stock) Lazydays now has no debt and Wazata Partners, the principal bondholder, is now the majority stockholder in Lazydays.

The Wallace family still owns the physical property and buildings occupied by Lazydays and  still leases them to the business.

 
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