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The sale includes a couple of manufacturing plants, and two service facilities in Decatur, Indiana. According to published reports, it took lawyers and hour and a half to hash out how the $53 million in sale money would be distributed--and even then, there's some speculation that things still are unsettled. Deutsche Bank, which represents note holders who converted $79 million worth of old unsecured debt in Fleetwood to $81.4 million in new debt in December, would get a first lien on $10.2 million set aside in a separate account. The rest of the funds from the sale would go into Fleetwood's cash collateral for operations. But another secured creditor, Bank of America says they disagree with some of the figures tossed around in the negotiations. In an article appearing in Riverside, California's Press Enterprise a Bank of America representative said that a negotiated settlement amount, based on a real estate appraisal of two of Fleetwood's Decatur properties, "grossly inflated." Top of Page Get your FREE RV Travel Newsletter every week - sign up now.
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