A bankruptcy court judge in Arizona has verbally approved the sale of assets of Beaudry RV Co. to Lazydays RV Center Inc. for $9,550,000, RVBusiness has learned.
Seffner, Fla.-based Lazydays, the nation’s largest single-site RV dealership, is acquiring Beaudry’s sales and service facilities, collision center and RV park, all located in Tucson, Ariz.
The purchase was court-approved Thursday (March 31), and the judge’s order is to be signed on Monday, according to an unnamed source.
Lazydays’ management declined comment.
This week’s development climaxes a long struggle for the former leading Southwest dealership, which filed for Chapter 11 reorganization bankruptcy more than two years ago.
A group of investors led by Greg Harrington and Peter Workum completed a series of transactions in mid-September to acquire Beaudry RV’s properties and operations in Tucson and Chandler. Harrington said at the time the new investors had plans to expand the company.
However, those plans quickly hit a snag and the turnaround proved impossible because of Beaudry’s current legal situation, the RV market and budget constraints.
Beaudry RV Co. subsequently suspended operations in October as bankruptcy creditors say the company’s recent sale forced its real estate loans into default. All the company’s employees were laid off and the inventory was cleared from its sales lot on East Irvington Road near I-10.
Attorneys for Bank of America, Wells Fargo and Comerica Bank — creditors in Beaudry’s 2008 bankruptcy — then filed a motion in U.S. Bankruptcy Court asking for immediate appointment of a liquidating trustee, arguing the sale violated loan documents and real estate loans in default.
Judge James Marlar of U.S. Bankruptcy Court then appointed Robert Burnand of Colliers International the liquidating trustee for Beaudry’s real estate collateral. The order gave Burnand “exclusive possession and control of all the real property and personal property” that comprises that collateral.
Burnard brokered the deal, which was revealed today.