Fleetwood Enterprises Announces Results of Auction for Its Manufactured Housing Assets
11 August 2009 - 2:00PM
PR Newswire (US)
RIVERSIDE, Calif., Aug. 11 /PRNewswire-FirstCall/ -- Fleetwood
Enterprises, Inc. (OTC:FLTWQ) (BULLETIN BOARD: FLTWQ) , a leading
producer of manufactured homes, today announced that Cavco
Industries, Inc. (NASDAQ:CVCO) and an investment partner, Third
Avenue Trust Value Fund (TAVFX), through FH Holding, Inc., their
jointly owned corporation, has been named the highest and best
bidder for certain of the company's manufactured housing assets.
The winning bid was determined through an auction held by the
company, in consultation with the Committee of Creditors, and a
Court hearing to approve the sale is scheduled for August 12, 2009
at 1:30 p.m. Pacific Time in Riverside, Calif. Cavco's final offer
of $21.8 million was an increase on a net basis after adjustments
of approximately $3.8 million over Cavco's previously announced
offer for the same assets. In addition, Cavco agreed to buy
Fleetwood's idled Woodland, Calif. plant for $4.8 million. Cavco,
headquartered in Phoenix, Ariz., is a leading producer of
manufactured housing, park model homes, and vacation cabins in the
United States. Third Avenue Management, the investment adviser to
Third Avenue Value Fund, is a New York-based company with expertise
in value and distressed investing. Additional information about
Fleetwood's reorganization may be found online in the news section
of http://www.fleetwood.com/ or at http://www.kccllc.net/fleetwood.
About Cavco Industries, Inc. Cavco is one of the largest producers
of manufactured housing, park model homes, and vacation cabins in
the United States. Headquartered in Phoenix, Ariz., Cavco has built
a reputation for quality and value since it opened for business in
1965. Cavco's factory-built homes are produced under various trade
names and in a variety of floor plans and price ranges. The company
employs approximately 600 people and operates two manufacturing
plants in the Phoenix area and one in Seguin, Tex. Additional
information about Cavco can be found at http://www.cavco.com/
[http://www.cavco.com]/ About Third Avenue Management Third Avenue
Management manages approximately $13 billion of assets for private
and institutional clients. Most or all of Third Avenue's proposed
investment in Fleetwood Enterprises, Inc. will be made by Third
Avenue Value Fund, the company's flagship mutual fund. About
Fleetwood Enterprises, Inc. Founded in 1950, Fleetwood Enterprises,
Inc., and its various subsidiaries, historically produced,
distributed, and serviced recreational vehicles and manufactured
housing. On March 10, 2009, however, the Company filed for Chapter
11 protection. Additional information about the company's
reorganization may be found online in the news section of
http://www.fleetwood.com/ or http://www.kccllc.net/fleetwood. This
press release contains certain forward-looking statements and
information based on the beliefs of Fleetwood's management as well
as assumptions made by, and information currently available to,
Fleetwood's management. Such statements reflect the current views
of Fleetwood with respect to future events and are subject to
certain risks, uncertainties, and assumptions, including risk
factors identified in Fleetwood's most recent 10-K, 10-Q and other
SEC filings. Contact: Rivian Bell or Sydney Rosencranz The
Abernathy MacGregor Group , (213) 630-6550; (888) 477-4319 (24/7)
DATASOURCE: Fleetwood Enterprises, Inc. CONTACT: Rivian Bell, , or
Sydney Rosencranz, , both of The Abernathy MacGregor Group,
+1-213-630-6550; 1-888-477-4319 (24/7), for Fleetwood Enterprises,
Inc. Web Site: http://www.fleetwood.com/
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