NEWS RELEASES
Letters Of Intent Submitted In Sale Of Erwin Hymer Group NA Assets
Editor's Note: This news item was retrieved and first published through The Record's website.
CAMBRIDGE, Ontario - The Record, a news outlet in Ontario, Canada, reports that bids are being submitted to purchase all or part of the bankrupt RV manufacturer Erwin Hymer Group North America, maker of Roadtrek and other RVs. Binding letters of intent must be submitted no later than 5 p.m. on April 3. Erwin Hymer Group North America went into receivership Feb. 15, owing more than 900 creditors about $273 million, and terminated all its 850 employees. Receiver Alvarez and Marsal put the company’s facilities in “warm idle" mode so operations could re-commence quickly.
Bids must include a list of assets the buyer wants to acquire; liabilities to be assumed; the proposed purchase price in Canadian dollars; an expected timeline to complete the transaction; and whether and when they intend to restart operations, as well as proof of financing and a deposit worth five percent of the proposed purchase price payable to the receiver. As of March 15, eighteen parties entered confidentiality agreements to proceed with a bid, with some 60 parties identified as interested in acquiring some or all of Erwin Hymer’s assets. The sale may be concluded as early as April 8 when the receivers evaluate the bids.
For more on the bidding process and other documents related to the Erwin Hymer NA bankruptcy, visit the Alvarez and Marsal website.