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BREAKING NEWS: Beaudry RV files chapter 11
Joe Pangburn/Wick Communications
Longtime staple in Southern Arizona, Beaudry RV Company filed for Chapter 11 Bankruptcy protection.
Related businesses included in the filing are Beaudry RV Resort and four real estate holding companies: Palo Verde Ventures LLC, Gila River Ventures LLC, Witt Ventures LLC and Smart Ventures LLC. Two related car dealerships filed under Chapter 11 on Monday, Nov.17. They are Berry Good LLC in Tucson and Beaudry Chevrolet, Chrysler, Jeep & Dodge in Benson. Beaudry RV and its related companies are represented in the bankruptcy by Michael McGrath and Frederick Petersen of Mesch, Clark & Rothschild, P.C.
The company cited the current down cycle in the recreational vehicle industry as a factor but said the filing for reorganization was necessary to restructure financing for real-estate related debt.
The Chapter 11 filing was necessary, Beaudry RV Company CEO Thomas Sylvester says, to protect operations from the demands of lenders holding the secured debt on real estate and structures which house Beaudry's operations. The banking crisis has resulted in this impasse with these lenders.
(Joe Pangburn is a reporter at Inside Tucson Business.)
Longtime staple in Southern Arizona, Beaudry RV Company filed for Chapter 11 Bankruptcy protection.
Related businesses included in the filing are Beaudry RV Resort and four real estate holding companies: Palo Verde Ventures LLC, Gila River Ventures LLC, Witt Ventures LLC and Smart Ventures LLC. Two related car dealerships filed under Chapter 11 on Monday, Nov.17. They are Berry Good LLC in Tucson and Beaudry Chevrolet, Chrysler, Jeep & Dodge in Benson. Beaudry RV and its related companies are represented in the bankruptcy by Michael McGrath and Frederick Petersen of Mesch, Clark & Rothschild, P.C.
The company cited the current down cycle in the recreational vehicle industry as a factor but said the filing for reorganization was necessary to restructure financing for real-estate related debt.
The Chapter 11 filing was necessary, Beaudry RV Company CEO Thomas Sylvester says, to protect operations from the demands of lenders holding the secured debt on real estate and structures which house Beaudry's operations. The banking crisis has resulted in this impasse with these lenders.
(Joe Pangburn is a reporter at Inside Tucson Business.)
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The following are comments from the readers. In no way do they represent the view of bensonnews-sun.com.
Gary Reighard wrote on Nov 21, 2008 6:10 PM:
" Well now is the test. Is Obama all blow & no go? I guess we will find out now when beaudry chevy-dodge goes to the bank for help. It will be interesting to see if Obama can walk on water or was he just full of hot air. It is all going to start showing up pretty soon.Huh "
ernie wrote on Nov 25, 2008 9:39 AM:
" It's not Obama nor the last election that caused this mess. It's the last 8 years of G.O.P. and greed by the $ 200,000.00 plus folks "
T wrote on Nov 25, 2008 6:32 PM:
" are you trying to say that OBAMA had anything to do with the failure of Beaudrys...? think about that long & hard. i'm not saying he is going to turn this country around overnight...no human can do that BUT HE had nothing to do with the failure of this country's economy...that was the rich mans bush that did that. he said straight out it will take MORE THAN A YEAR, maybe more than a term... were't you tuned in? he's not claiming to have hydro-ped powers or to be some kind of messiah, as you seem to have heard somewhere... he's just saying he's got GAUL & not afraid to use it. "
Roy wrote on Nov 19, 2008 9:41 AM: