The RV/MH Hall of Fame and Museum in Elkhart, Indiana has re-structured millions of dollars of debt to give it more time to pay the $4 million it owes to 1st Source Bank and the family of the late Robert “Boots” Ingram, according to The Elkhart Truth. WSBT tells MHProNews.com the funds were used to enlarge the facility and purchase a collection of pre-WWII vintage RVs. The re-structuring will extend the loans’ due dates and reduce the museum’s monthly payments. 1st Source lowered the interest rate, and the Ingram family forgave overdue interest payments, and has agreed to wait until the bank is paid off in 2016 before receiving payments or interest on its loan. Additionally, the Ingram family will match any individual contributions up to $100,000 raised before Aug. 2012. While the re-structuring will provide a temporary cushion, the Museum owes a $90,000 sewer bill to the city of Elkhart, which the city had held off pursuing. See previous story from Dec. 26, 2011.
(Photo credit: RV/MH Hall of Fame and Museum