Associated Press
November 24, 2009
EUGENE, Ore. -- Lawyers for Junction City RV maker Country Coach and its main creditor told a U.S. Bankruptcy Court judge the company is out of money and nearly out of options.
Country Coach has been in Chapter 11 bankruptcy since March as it seek to reorganize its finances and business model. But even with a vastly smaller work force, the company says it has posted losses of $8.8 million since April.
Country Coach CEO Jay Howard says Washington businessman Roger McCombs might be the company's last hope. Howard testified Monday that he's been talking with McCombs since July, that McCombs toured the Country Coach plant in October, and that he's serious about making a bid.
Howard says the company will know by early next month whether McCombs is in or out.
McCombs is founder and board chairman of Composite Power Corp.
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