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Lazydays files voluntary Chapter 11 bankruptcy, vows quick comeback

As expected, Lazydays RV Center in Seffner followed through on Friday on its plan to file voluntarily for bankruptcy under a prepackaged Chapter 11 reorganization. Lazydays CEO John Horton in a statement said the filing has the "full support" of lenders and bondholders. "We expect to move through the process quickly and emerge a stronger company by year end – all without disruption to our business or to our customers," he said. Filed in U.S. Bankruptcy Court for the District of Delaware, the plan is expected to eliminate all of the company's $137 million of bond debt, reducing its annual cash interest costs by about $16.2 million through the elimination of bond interest payments. "This is a process that will help Lazydays weather the present economic storm," Horton said, adding the financial restructuring will not affect business operations, customers or employees. Lazydays, founded in 1976 by Don Wallace, is the nation's largest singe site RV dealership.

Lazydays files voluntary Chapter 11 bankruptcy, vows quick comeback 11/06/09 [Last modified: Friday, November 6, 2009 7:19pm]

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