Navistar to buy Monaco's RV assets for $52 mil
A unit of Navistar International Corp., the world's fourth-largest truckmaker, agreed to buy the recreational-vehicle manufacturing assets of bankrupt Monaco Coach Corp. for about $52 million, Monaco said.
The sale includes plants in Indiana and Oregon and brands, intellectual property, inventory and equipment related to Monaco's motorized- and tow-vehicle business, the company said today in a statement distributed by PRNewswire.
Monaco, based in Coburg, Oregon, filed for Chapter 11 bankruptcy on March 5. The maker of Monaco, Holiday Rambler and Beaver motor homes and travel trailers listed assets of $442.1 million and debt of $208.8 million as of Sept. 27.
The proposed sale is subject to bankruptcy court approval, and other possible bidders will be able to participate in an open auction, Navistar spokesman Roy Wiley said in a telephone interview. The sale could be completed in early June, Wiley said.
Warrenville-based Navistar said last month that a nonbinding letter of intent had been issued for the proposed purchase. The assets would help expand its diesel business, the company said last month.
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