Lazy Days secures interest payment default forbearance

By Caroline Salls

Pittsburgh, Dec. 19 - Lazy Days' R.V. Center, Inc. has entered into a forbearance agreement with some holders of its 11¾% senior notes due 2012 in connection with a default arising from the company's failure to make the interest payment due Nov. 15 on the notes, according to an 8-K filed Friday with the Securities and Exchange Commission.

The forbearance period runs to Jan. 15.

So far, Lazy Days said holders of 93% of the notes have agreed to the forbearance.

As previously reported, the company elected not to make the interest payment in order to preserve cash in light of a "severe and protracted downturn in the market for recreational vehicles."

Lazy Days is a Seffner, Fla., recreational vehicle retailer.

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