Cavco Announces Palm Harbor Asset Purchase Agreement

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.

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