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Thursday, September 29, 2011

CAVCO/FLEETWOOD OFFICIALLY OWNS PALM HARBOR HOMES, INC

Palm Harbor Homes Inc., which filed for Chapter 11 bankruptcy protection in November, has received court approval to sell its assets to a unit of Cavco Industries Inc.

A newly formed subsidiary of Fleetwood Homes Inc., which is owned by Cavco, will buy Palm Harbor’s assets, including its manufactured and modular housing construction and retail business, and the outstanding stock in the builder’s insurance and finance subsidiaries.

The Fleetwood Homes subsidiary won the court auction for Palm Harbor’s assets on March 1 with a bid of $83.9 million.

Palm Harbor Homes builds and sells factory-built homes in 19 states. It also provides financing and insurance.  Cavco/Fleetwood also acquired NationwideHomes, a real modular home manufacturer.

2 comments:

Mike said...

With Nationwide building their fourth house for Extreme Makeover, Cavco would be nuts to change them or worse, close them down. Probably what will happen is that Fleetwood will take over the plant and start changing things into a limited offering company allowing only approved changes to existing plans.
That would be a disaster because it didn't work for Fleetwood before they were bought by Cavco.

Maverick Mobile Homes in Tyler Texas said...

So how many times has Palm Harbor had to file chapter 7, 3 or 4 times in the last 12 years?

With the ease of checking up on companies with the internet why would ANYBODY buy an over priced home like Palm Harbor that won't be in business in the next 3 years?

There should be a law to protect the stupid!