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| Re: [GMCnet] Non-GMC -- But Close [message #341224 is a reply to message #341219] |
Sat, 23 February 2019 08:17   |
Olly Schmidt
Messages: 1265
Registered: February 2014
Location: Germany and Scottsville, ...
Karma: 8
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On 23.02.19 13:16, Ken Henderson via Gmclist wrote:
> I thought Hymer was doing great and had just bought Roadtrek. Anyone have
> any more information?
Hymer Worldwide got bought out by Thor. However, during the takeover
negotiations it became apparent that the Hymer North America Group might
have reported wrong information to the mothership. Therefore, Hymer
North America was excluded from the deal with Thor. A little after that,
Hymer North America declared receivership. Quote:
“In court this afternoon in Toronto about half an hour ago, the company
was placed into receivership, which is a form of insolvency. The effect
of that is a court order essentially terminates everyone’s employment
effective today.”
No idea, how that effects Roadtrek et al.
--
Best regards
Peer Oliver Schmidt
PGP KeyID: 0x4196BF22
'76a 26' Eleganza II - Virginia, US
'73 23' Sequoia - Schleswig-Holstein, Germany
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Best regards
Olly Schmidt
PGP Key ID: 0x18a9 3a1f 4196 bf22
'76a Eleganza II, VA
'73 Sequoia, SH, Germany
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| Re: [GMCnet] Non-GMC -- But Close [message #341225 is a reply to message #341219] |
Sat, 23 February 2019 08:21 |
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Matt Colie
Messages: 8547
Registered: March 2007
Location: S.E. Michigan
Karma: 7
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Senior Member |
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Ken Henderson wrote on Sat, 23 February 2019 07:16Here's a newsletter I get frequently:
https://goo.gl/VdnjJc
I post it here because of this sentence it contains:
"What's next for buyers of Roadtrek and other Hymer motorhomes now that the company is belly up? Their warranties are now worthless. "
I thought Hymer was doing great and had just bought Roadtrek. Anyone have any more information?
Ken H.
OK,
Lets see if I can even explain what I think I know.....
Erwin Hymer Group bought American Fastback. AF was the parent company of Roadtrek. This was all on the basis of Roadtrek's financial reports. EHG formed EHGNA to include AF and something else (?).
Big problem: EHGNA got looking at what they bought and the picture on the cover did not look at all like what was inside the box. So, they did an in depth forensic audit. They found out that nothing matched anything. The CEO and CFO of AF were walked out of the building by security as well as several hundred recent employees.
Thor has published a statement that their planned acquision of EHGNA was on hold. (I think that might be an understatement.)
This was all published news.
As nearly as I could gather from my inside friends that could speak, AF/Roadtrek was doing a deal where their sales looked bleak, so they invented VINS, and posted invoices for said VINS. They also sold received and billed materials off-book to keep a workable cash flow. One contact knew about this and was just wondering when it would all implode.
The AF people were thinking that they were in the clear as they had closed the sale to EHG, but that is how looking grim for them.
That is what I think I understand and I make no claim of accuracy for anything but the published story.
Matt
Matt & Mary Colie - Chaumière -'73 Glacier 23 - Members GMCMI, GMCGL, GMCES
Electronically Controlled Quiet Engine Cooling Fan with OE Rear Drum Brakes with Applied Control Arms
SE Michigan - Near DTW - Twixt A2 and Detroit
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