Navigator Holdings Completes $40 Million Sale of Subprime Automobile Loan Portfolio

ATLANTA--September 15, 2011: Navigator Holdings LLC (Navigator) President Bobby Lazenby announced today the sale of nearly $40 million in subprime, asset-backed loans. The sale comes as an increasing number of investors look to build balance sheets with high yield assets.

After nearly three turbulent years, companies remaining in the subprime industry have started to feel the benefits of expanded credit. In the last year, several start-ups have also found capital and are aggressively trying to establish their own footprint in the marketplace.

"I'm happy to say the subprime market has rebounded nicely over the past year with fresh or renewed capital sources becoming available to lenders. We are seeing several industry players with a strong desire to take advantage of what they believe is a void in the marketplace. This has created a fairly competitive marketplace and has led to some of the strongest pricing in years for subprime, asset-backed receivables," said Lazenby.

Navigator Holdings LLC is the result of a Chapter 13 bankruptcy restructuring of Manchester Inc. Manchester, then a publicly traded company, failed after less than a year of operations, but not before acquiring four companies and well over $1 million in assets. In June 2008, Manchester emerged from bankruptcy, under the direction of Bobby Lazenby, as the newly restructured Navigator Holdings after the secured lenders agreed to a stock for debt swap that left many of the unsecured creditors without recourse.

Navigator Holdings owns and operates a captive finance company, Navigator Acceptance. Navigator Acceptance specializes in providing financing directly to those consumers with other than prime credit.