Fleetwood signs $53 million purchase agreement for motor home unit

By Caroline Salls

Pittsburgh, June 2 - Fleetwood Enterprises, Inc. has signed a $53 million asset purchase agreement to sell its motor home business to American Industrial Partners Capital Fund IV, LP, according to a company news release.

American Industrial Partners' $53 million bid is subject to reduction for the assumption of no more than $18 million in liabilities, including warranty obligations on Fleetwood motorized products.

Under the bidding procedures approved by the U.S. Bankruptcy Court for the Central District of California, competing bids are due by June 18. If any qualifying bids are received, an auction will be held on June 22.

According to the release, the American Industrial Partners offer includes two motor home manufacturing facilities, two motor home service facilities, and Fleetwood's Gold Shield supply subsidiary, all located in Decatur, Ind.

It also includes intellectual property for Fleetwood's existing motor home brands and machinery and equipment, but the offer does not include the company's motor home manufacturing facilities in Riverside, Calif., and Paxinos, Pa., or its travel trailer plants, brands and intellectual property.

Fleetwood said it is also seeking buyers for its manufactured housing business.

Based in Riverside, Calif., Fleetwood produces, distributes and services recreational vehicles and manufactured housing. The company filed for bankruptcy on March 10. Its Chapter 11 case number is 09-14254.

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