Attached files
file | filename |
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8-K - FORM 8-K - CHAMPION ENTERPRISES INC | k48589e8vk.htm |
EX-10.2 - EX-10.2 - CHAMPION ENTERPRISES INC | k48589exv10w2.htm |
EX-10.1 - EX-10.1 - CHAMPION ENTERPRISES INC | k48589exv10w1.htm |
EX-99.1 - EX-99.1 - CHAMPION ENTERPRISES INC | k48589exv99w1.htm |
Exhibit 99.2
Contacts:
Anita-Marie Laurie
Maya Pogoda
Sitrick And Company
(310) 788-2850
Anita-Marie Laurie
Maya Pogoda
Sitrick And Company
(310) 788-2850
Champion Enterprises Receives Approval on Package of Relief that Assures Continued,
Uninterrupted Operations
Court Grants Interim Approval of Debtor- in-Possession Financing
Uninterrupted Operations
Court Grants Interim Approval of Debtor- in-Possession Financing
TROY, Mich. Nov. 17, 2009 Champion Enterprises, Inc. (NYSE: CHB), a leader in factory-built
construction, today announced that Honorable Judge Kevin Gross of the U.S. Bankruptcy Court in
Wilmington, Delaware, has approved a package of relief designed to facilitate and ensure the
continued and uninterrupted operation of Champions business, as requested.
The Company has worked very hard to formulate the special relief it would need so that its
transition into Chapter 11 would have no impact on our customers, said Champion Chairman,
President and Chief Executive Officer William C. Griffiths. We are very pleased that we received
approval to continue our customer programs today, including our customer warranty programs and
retailer rebate programs.
Champion also received interim Court approval of its $40 million debtor-in-possession (DIP)
financing, permitting it pursuant to the terms of the facility immediate access of up to
approximately $31 million to continue operations, pay employees wages and benefits and purchase
goods and services going forward during the restructuring period. The final hearing on the DIP
financing has been set for Thursday, Dec. 10, 2009 to approve the remainder of the DIP facility.
Receipt of interim approval of our DIP financing should provide us with ample liquidity to fund
operating expenses and meet obligations during the restructuring, so that daily operations continue
as usual, said Mr. Griffiths.
The Court also authorized the payment of employee wages and benefits, including commissions.
For further information please contact the Companys information line at (877) 857-7554 or (248)
614-8390 for international callers, which is staffed live Monday to Friday between 8 am and 6 pm
eastern standard time or visit the Companys restructuring website at www.championrestructures.com.
About Champion
Troy, Michigan-based Champion Enterprises, Inc., a leader in factory-built construction, operates
27 manufacturing facilities in North America and the United Kingdom distributing its products
through independent retailers, builders and developers. The Champion family of builders produces
manufactured and modular homes, as well as modular buildings for government and commercial
applications. For more information, please visit www.championhomes.com.
755 West Big Beaver Road, Suite 1000 | Troy, Michigan 48084
(248) 614-8200 | www.championhomes.com
(248) 614-8200 | www.championhomes.com
Champion Enterprises Receives Approval on Package of Relief that Assures Continued, Uninterrupted Operations
Page 2
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Forward-looking Statements
This news release contains certain statements, each of which could be construed to be
forward-looking statements within the meaning of the Securities Exchange Act of 1934. Actual
results may differ materially from anticipated results due to certain risks and uncertainties,
including but not limited to: the potential adverse impact of the Chapter 11 Bankruptcy filing on
the Companys business, financial condition or results of operations, including the Companys
ability to maintain contracts, trade credit and other customer and vendor relationships that are
critical to its business and the actions and decisions of the Companys creditors and other third
parties with interests in the Companys Chapter 11 proceedings; the Companys ability to obtain
court approval with respect to motions in the Chapter 11 proceedings and to develop, prosecute,
confirm and consummate one or more plans of reorganization with respect to the Chapter 11
proceedings and to consummate all of the transactions contemplated by one or more such plans of
reorganization. Additional risks include, among others: the prospect of being delisted from the
New York Stork Exchange or other national or regional exchanges; the occurrence of any event,
change or other circumstance that could give rise to the termination of any DIP financing plans or
support agreements the Company has entered or may enter with its lenders or other entities; general
economic conditions in the markets in which the Company operates, including changes in interest
rates or currency exchange rates, the financial condition of the Companys customers or suppliers;
changes in housing demands from the Companys current estimates; availability of reasonable
retailer and consumer financing; the outcome of customer negotiations; the costs, timing and
success of restructuring actions; increases in the Companys warranty or product liability costs;
risks associated with conducting business in foreign countries; competitive conditions impacting
the Companys key customers and suppliers. These risk factors are discussed in the Companys most
recently filed Form 10-Q, 10-K and other filings with the Securities and Exchange Commission, in
each case under the section entitled Forward-Looking Statements, or Risk Factors.
These statements reflect the Companys views with respect to future plans, events and financial
performance. The Company does not undertake any obligation to update the information contained
herein, which speaks only as of the date of this press release.
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