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Navistar acquires assets of Monaco Coach Corporation
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On June 4th 2009 Navistar International Corporation completed its $47 Million acquisition of the assets of bankrupt RV manufacturer Monaco Coach Corporation. Monaco, based in Coburg, Oregon had filed for Chapter 11 protection on March 5th 2009. Monaco’s subsidiary R-Vision will be shuttering its plant in Warsaw, Indiana and moving operations to Wakarusa in Elkhart. The new Navistar manufacturing unit will be named Monaco RV LLC.Although the new company will not be liable for any products sold by its predecessor, Navistar has indicated that its service representatives will assist owners in obtaining service and support for their vehicles. Owners with questions should call (877) 4MONACO.
The last eight months has been disastrous for US RV manufacturers who have experienced a severe slump in RV sales. This has been caused by a number of factors including the recession, high gas prices and the continuing squeeze on credit markets. This has made financing high ticket purchases extremely difficult. The downturn has also impacted RV suppliers and the RV dealer network. Customers, who have already tightened their belts financially, are also concerned that more manufactures will seek Chapter 11 protection in the coming months leaving them with potentially worthless warranties. Indeed, with manufacturers like Winnebago reporting an operating loss of $35 million for the first six months of fiscal 2009, it would seem that more failures appear likely. Rexall filed for Chapter 11 protection in February and Fleetwood and Country Coach in March. Who's next?
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