Creditors Take Over Beaudry RV’s Properties

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October 22, 2010 by   Comments Off on Creditors Take Over Beaudry RV’s Properties

The bulk of Beaudry RV’s real estate has been taken over by its banks and many customers are still working to get property back from the well-known Tucson, Ariz., dealership, the Arizona Daily Star reported.

The sale of Beaudry to a group of investors last month put its real estate loans in default, its secured creditors said in bankruptcy court filings. Those creditors — Bank of America, Wells Fargo and Comerica Bank — asked for the appointment of a liquidating trustee who would have sole authority over the company’s real estate collateral.

Judge James Marlar of U.S. Bankruptcy Court this week appointed Robert Burnand of Colliers International the liquidating trustee for Beaudry’s real estate collateral. The order gives Burnand “exclusive possession and control of all the real property and personal property” that comprises that collateral.

An investor group led by Greg Harrington and Peter Workum completed transactions in mid-September to acquire Beaudry RV’s properties and operations in Tucson and Chandler. The company had filed for Chapter 11, or reorganization, bankruptcy protection, two years earlier.

That sale violated loan documents and forced the company’s real estate into default, the banks argued in court papers.

The legal entanglement forced Beaudry to suddenly shut down its operations earlier this month. Some customers who recently purchased RVs or had dropped them off for service have yet to get their property back.

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