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National R.V. Holdings, Inc. Announces Chapter 11 Bankruptcy Filing
Published December 01, 2007
PERRIS, Calif., Nov. 30 /PRNewswire-FirstCall/ -- National R.V. Holdings, Inc. (Pink Sheets: NRVH - News; the "Company") today announced that the Company and National R.V., Inc., its wholly-owned subsidiary, filed voluntary petitions under the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, Central District of California, Riverside Division. The Company has taken these actions after determining that seeking Chapter 11 bankruptcy protection is in the best interests of the Company, its creditors, stockholders and other interested parties in light of ongoing financial challenges and the inability to adequately fund operations and obligations. The Company is a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Court.
Dave Humphreys, the Company's Acting Chief Executive Officer, stated, "We are saddened to let go our excellent employees, especially so close to the Holidays, and even more so because National's motorhomes have never been better than they are today. After evaluating our options, however, we ultimately determined that seeking protection in bankruptcy was in the best interests of creditors and shareholders."
About National R.V. Holdings, Inc.
National R.V. Holdings, Inc., through its wholly owned subsidiary, National RV, Inc., is a producer of motorized recreational vehicles, often referred to as RVs or motorhomes. From its Perris, California facility, National RV designs, manufactures and markets Class A gas and diesel motorhomes under model names Surf Side, Sea Breeze, Dolphin, Tropi-Cal, Pacifica and Tradewinds. NRV began manufacturing RVs in 1964. This release and other statements by the Company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements about the Company's future expectations, performance, plans, prospects, as well as assumptions about future events. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, the cyclical nature of the recreational vehicle industry; continuation of losses; the ability of the Company to address the effects caused by fiberglass material supplied by a third party supplier; outcomes and developments in the Company's bankruptcy proceedings, court rulings in the bankruptcy proceedings, litigation, available financing, ability to borrow under the financing arrangements and obtain all necessary approvals in connection therewith, adverse developments in and increased or unforeseen legal and other costs, and the possibility that customers and others with whom the Company has contracted will terminate or reduce their relationships with the Company. Certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested are set forth in the Company's Form 10-K and other filings with the Securities and Exchange Commission (SEC) and the Company's public announcements, copies of which are available from the SEC or from the Company upon request.
Contact: Thomas J Martini 800.322.6007 firstname.lastname@example.org
Source: National R.V. Holdings, Inc.
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