Posts Tagged ‘Palm Harbor’

Palm Harbor Reports December Loss

February 1st, 2011 Comments off
Bloomberg News reported that Palm Harbor Homes filed an operating report showing a $5.3 million net loss on revenue of $12.7 million for December. Palm Harbor is to auction most of the business on March 1.  Fleetwood Enterprises Inc., a venture between Cavco Industries Inc. and a fund advised by Third Avenue Management LLC, has submitted an opening bid. The Dallas-based company filed under Chapter 11 in late November.

Report Indicates Fate of Manufacturing Plants from Potential Merger Unknown

December 2nd, 2010 Comments off

From Martinsville, Virginia, the Martinsville Bulletin reported on the planned asset purchase of Palm Harbor Homes by Cavco-owned Fleetwood Homes. Martinsville is home to a plant operated by Palm Harbor subsidiary Nationwide. A Palm Harbor company spokesperson told the reporter it’s too early to determine how the Chapter 11 reorganization will impact the local plant. According to the Martinsville-Henry County Economic Development Corp, the local plant employed 173 people as of December, 2009. Colleen Rogers, investor relations manager for Palm Harbor, told the reporter if Fleetwood is the successful bidder at the auction, plans are for Palm Harbor and its subsidiaries to “retain their current brand names.” Cavco CEO Joseph H. Stegmayer said in the report the mutual intention is to help Palm Harbor continue its heritage of providing quality home building, retailing, finance availability, competitive insurance products and outstanding customer service and that any merger would bring a strengthened foundation and market presence.

Down Down, Palm Harbor Slides with it, Cavco Gains

November 30th, 2010 Comments off

Remember the debt crisis in Greece that brought down stocks for a while a few months ago? Now it’s a concern a European debt crisis is getting out of control that’s closing the damper on the market. The Dow closed down 46 points Tuesday and global stocks fell to the lowest level in almost two months. Shares of Palm Harbor Homes fell nearly 50 percent to 14 cents a share, while shares of Global Diversified Industries ended up 125 percent to five cents a share. Cavco ended up nearly six percent, while Drew Industries and Skyline Corporation each lost about three percent.

Stocks Down, Palm Harbor Gains

November 29th, 2010 Comments off

Shares of Palm Harbor Homes shot up Monday following a Chapter 11 bankruptcy filing and the announcement of an asset purchase agreement by Cavco. The Dow ended lower, however, but the 39 point decline was a marked improvement from losses earlier in the day. Palm Harbor Homes ended the day at 25 cents a share, almost 75 percent above Friday’s close. Cavco ended up almost one percentage point at 34.46. Skyline Corp ended the day higher by more almost three percentage points. The Barnes Group also ended nearly two points higher. Drew Industries and UMH Properties closed modestly lower.

Cavco Announces Palm Harbor Asset Purchase Agreement

November 29th, 2010 Comments off

Cavco Industries announced Monday that Fleetwood Homes, Inc., a subsidiary owned 50 percent by Cavco and 50 percent by Third Avenue Value Fund, has entered into an agreement with Palm Harbor Homes to provide debtor-in-possession (DIP) financing to Palm Harbor and certain of its subsidiaries during the reorganization of Palm Harbor and such subsidiaries under Chapter 11 of the U.S. Bankruptcy Code. Palm Harbor and certain of its subsidiaries filed for Chapter 11 bankruptcy protection on November 29, 2010. In conjunction with Palm Harbor’s filing, Fleetwood Homes committed $50 million, which may increase to $55 million if certain conditions are met, for a DIP credit facility. Subject to bankruptcy court approval, the credit facility will be used by Palm Harbor to extinguish its existing Textron Financial Corporation facility and to fund post-petition operations, commitments to customers, and employee obligations. Additionally, through a newly formed subsidiary of Fleetwood Homes, Inc., Cavco and Third Avenue have entered into an agreement with Palm Harbor and certain of its subsidiaries to purchase substantially all of Palm Harbor’s assets comprising its manufactured and modular housing construction and retail businesses and all of the outstanding stock of its insurance and finance subsidiaries, and to assume certain liabilities of Palm Harbor.