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Lazydays RV Stops Paying Interest

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By MICHAEL SASSO

msasso@tampatrib.com

Published: November 18, 2008

TAMPA - Lazydays RV SuperCenter, which bills itself as the world's largest one-site RV dealership, missed an interest payment Monday and could be found in default if it can't reach an agreement with bondholders.

On Monday, the Seffner-based company announced it chose not to make the payment to preserve cash. The outstanding balance is about $138.7 million, according to a document filed Monday with the Securities and Exchange Commission.

The missed payment alone won't result in a default, Lazydays said in a statement.

The company has a 30-day grace period in which it will try to restructure its debt with bondholders. However, the company's earnings report makes it clear Lazydays could be found in default if it can't come to an agreement.

Lazydays has been hit hard by the global credit crisis, which has left some customers unable to get credit to buy recreational vehicles, the company said.

According to an earnings report Monday, the company lost $6.3 million in the quarter ended Sept. 30, compared with a $2.1 million loss during the same quarter of 2007.

Reporter Michael Sasso can be reached at (813) 259-7865.

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