Coachmen Announces New Financing Partner
Elkhart, IN—Coachmen Industries (OTC: COHM) whose subsidiaries include All American Homes, Mod-U-Kraf Homes and Coachmen Motor Works has established new financing with Lake City Bank of Warsaw Indiana, the company announced today.
Richard Lavers, President and CEO of Coachmen pointed out “that this is a significant step in resolving the liquidity problems faced by the company since last winter when Coachmen’s then principle lender Bank of America closed out its credit line. Our agreement with Lake City Bank is a multi-year, new loan arrangement plus a line of credit”, he said.
The new financing includes a loan as well as a new working capital line of credit.
Lavers was optimistic about Coachmen’s new financial relationship with Lake City Bank. “It is refreshing to work with local lenders who better appreciate and understand our business and short term cash needs as we prepare for a hopefully busy building season” he said.
Coachmen Industries, Inc. is one of America's premier systems-built construction companies under the ALL AMERICAN HOMES® and MOD-U-KRAF® brands, as well as a manufacturer of specialty vehicles. Coachmen Industries, Inc. is a publicly held company with stock quoted and traded on over-the-counter markets under the ticker COHM.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on forward-looking statements, which are inherently uncertain. Actual results may differ materially from that projected or suggested due to certain risks and uncertainties including, but not limited to, the potential fluctuations in the Company's operating results, price volatility of raw materials used in production, the availability and cost of real estate for residential housing, the supply of existing homes within the company's markets, government regulations, dependence on significant customers within certain product types, consolidation of distribution channels, consumer confidence, uncertainties of matters in litigation, and other risks identified in the Company's SEC filings.
For investor or financial information:
James T. Holden
Corporate Secretary and Assistant General Counsel
574-266-2500
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