Monaco Coach $52 million RV manufacturing asset sale approved

By Caroline Salls

Pittsburgh, May 29 - Monaco Coach Corp. has received court approval of the $52 million sale of substantially all of its core RV manufacturing assets to Navistar Inc. affiliate Workhorse International Holding Co., according to an 8-K filed with the Securities and Exchange Commission.

The company said it expects the sale to close on June 2.

The net proceeds will be used to satisfy the company's obligations to its creditors, but Monaco Coach said it does not expect there to be enough proceeds for a distribution to stockholders.

Monaco Coach, a Coburg, Ore.-based designer, manufacturer and seller of motor coaches and towable recreational vehicles, filed for bankruptcy on March 5 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10750.

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