The mortgage lending subsidiary of manufactured home builder Palm Harbor Homes is not part of the company's Chapter 11 bankruptcy petition, a statement from the company said.
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However, CountryPlace Acceptance Corp., as well as a trio of insurance agencies affiliated with Palm Harbor that were also not part of the filing, will be included in the merger of Palm Harbor with a suitor that arises through the bankruptcy bidding process.
As part of its filing, Palm Harbor has a commitment for up to $55 million in debtor-in-possession financing from Fleetwood Homes Inc. Fleetwood will be the stalking horse bidder for Palm Harbor.
Palm Harbor said daily operations are expected to continue uninterrupted during the restructuring process.
