- Generation of $14 million in liquidity through strategic divestitures
- Reduction of non-floorplan debt by $15 million, lowering interest expenses
- Strategic streamlining of operations through sale of non-core assets
Lazydays Holdings, Inc. (GORV, Financial) has successfully completed substantial liquidity-enhancing transactions designed to strengthen its financial position. These strategic moves facilitated agreements with lenders to generate $14 million in liquidity and reduce non-floorplan debt by $15 million. The company's non-floorplan indebtedness now stands at approximately $44 million, significantly lowering its interest expenses.
The company's recent divestitures include non-core dealership locations in Mesa, Arizona; Fort Pierce, Florida; Longmont, Colorado; and Las Vegas, Nevada, with the Las Vegas transaction anticipated to close soon. Lazydays aims to focus on revitalizing its core dealership operations while minimizing its operational footprint through the sale of these non-essential assets.
CEO Ron Fleming highlighted the importance of these agreements, stating that they provide the company with the necessary liquidity and flexibility to further their turnaround strategy. The focus remains on strengthening their balance sheet, improving operational performance, and ensuring long-term stability through strategic divestitures and core operation revitalization.
Lazydays has been supported by a credit facility lender syndicate led by M&T Bank and a mortgage lender affiliated with Coliseum Capital Management. Legal counsel was provided by Stoel Rives LLP, while financial advisory was supported by Miller Buckfire, a Stifel Company, and CR3 Partners.
