Lazydays Completes Court-Ordered Restructuring
Lazy Days RV Center Inc., doing business as Lazydays, today (Dec. 22) announced it has successfully completed a court-supervised financial restructuring process that began on Nov. 5.
As a result of the restructuring, Wayzata Investment Partners LLC, through the funds it manages, has become the majority and controlling shareholder of Lazydays and its subsidiaries.
“We are very pleased to have wrapped up our financial restructuring in a relatively short time — and to have done so without any disruption to our business, without breaking any commitments to our business partners, and without sacrificing the level of service our customers have come to expect over the past 33 years,” said John Horton, president and CEO of the Seffner, Fla.-based RV dealership. “We never wavered from our promise to strive to provide our customers with the perfect RV purchase and ownership experience.”
In response to increasing retail activity and the company’s improved financial position, the dealership has recently increased the size of its work force by 65. “At a time when jobs are difficult to find in our community, we are thrilled to have been able to create jobs as well as recall some of our past employees,” said Horton.
The implementation of the financial restructuring plan eliminates all of its bond debt, significantly reduces its annual cash interest costs, provides new equity financing and puts the company on strong financial footing for the future, Horton said. None of Lazydays’ business partners were adversely impacted by the financial restructuring.
Horton added, “Lazydays has benefited from Wayzata’s commitment to our successful restructuring, and we look forward to working with Wayzata to grow the company and increase shareholder value.”
Putting the changes in perspective, Horton emphasized what has remained the same: “For the last 33 years, the men and women who comprise the Lazydays family have worked tirelessly to fulfill our customers’ RV dreams. Today, with the financial restructuring process in the rear view monitor, Lazydays is poised to face the future with an even stronger passion and commitment to our customers than ever before. With unbridled determination, the Lazydays family has stood together through a difficult time and is starting to grow again. The future is bright, and the place RVers call home has become even better.”