National R.V. Holdings, Inc. Announces Chapter 11 Bankruptcy Filing

PERRIS, Calif., Nov. 30 /PRNewswire-FirstCall/ -- National R.V.
Holdings, Inc. (Pink Sheets: NRVH) (the "Company") today announced that the
Company and National R.V., Inc., its wholly-owned subsidiary, filed
voluntary petitions under the provisions of Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court, Central District of
California, Riverside Division. The Company has taken these actions after
determining that seeking Chapter 11 bankruptcy protection is in the best
interests of the Company, its creditors, stockholders and other interested
parties in light of ongoing financial challenges and the inability to
adequately fund operations and obligations. The Company is a
debtor-in-possession under the jurisdiction of the Bankruptcy Court and in
accordance with the applicable provisions of the Code and orders of the
Court.

Dave Humphreys, the Company's Acting Chief Executive Officer, stated,
"We are saddened to let go our excellent employees, especially so close to
the Holidays, and even more so because National's motorhomes have never
been better than they are today. After evaluating our options, however, we
ultimately determined that seeking protection in bankruptcy was in the best
interests of creditors and shareholders."

About National R.V. Holdings, Inc.

National R.V. Holdings, Inc., through its wholly owned subsidiary,
National RV, Inc., is a producer of motorized recreational vehicles, often
referred to as RVs or motorhomes. From its Perris, California facility,
National RV designs, manufactures and markets Class A gas and diesel
motorhomes under model names Surf Side, Sea Breeze, Dolphin, Tropi-Cal,
Pacifica and Tradewinds. NRV began manufacturing RVs in 1964. This release
and other statements by the Company contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
including statements about the Company's future expectations, performance,
plans, prospects, as well as assumptions about future events. Investors are
cautioned that forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected or
suggested herein due to certain risks and uncertainties including, without
limitation, the cyclical nature of the recreational vehicle industry;
continuation of losses; the ability of the Company to address the effects
caused by fiberglass material supplied by a third party supplier; outcomes
and developments in the Company's bankruptcy proceedings, court rulings in
the bankruptcy proceedings, litigation, available financing, ability to
borrow under the financing arrangements and obtain all necessary approvals
in connection therewith, adverse developments in and increased or
unforeseen legal and other costs, and the possibility that customers and
others with whom the Company has contracted will terminate or reduce their
relationships with the Company. Certain risks and uncertainties that could
cause actual results to differ materially from that projected or suggested
are set forth in the Company's Form 10-K and other filings with the
Securities and Exchange Commission (SEC) and the Company's public
announcements, copies of which are available from the SEC or from the
Company upon request.


Contact:
Thomas J Martini
800.322.6007
cfo@nrvh.com



SOURCE National R.V. Holdings, Inc.

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Sorry to hear the news , I have a friend told me last year they were having problems

I saw it coming when they sold off Country Coach. Darned shame cause they built a great product

Tough times ahead for everyone, just like the fuel embargo in the 70's.

www.freeprevost.com

quote:

Originally posted by WmAdams:
Tough times ahead for everyone, just like the fuel embargo in the 70's.

Rising oil prices will not cause an oil shortage as in the 70's. High oil prices will actually guarantee that we have a continuing supply and that is good.

-Tom

are there rv's made by national that have been liguadated,,,,,what it is the possibility of purchasing one for example a pacifica at a lower price because of the bankruptcy,,,,and what dealers have these units,,,,is there a chance that another company will purchase national and try to make a come back????

Not sure if any saleable products are tied up by the court pendning liquidation of assets. You might try PPL Motorhomes in Houston. They picked up the remaining Genesis (King of the Road) motorhomes when KOR decided to quit the RV biz.

You will find quite a bit of info on our NATIONAL forum.