National R.V. Holdings, Inc. Announces Chapter 11 Bankruptcy Filing
PERRIS, Calif., Nov. 30, 2007 -- National R.V. Holdings, Inc. 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.