I’ve been getting a lot of calls and emails today asking what is going on with the IBS Bankruptcy as it was supposed to have been finalized last Friday.
Well folks, here is what I know today.
The schedule of events for it are as follows:
* Bid Deadline was September 9th. As far as I’ve heard, only Champion has placed a bid. (The auction did not happen on the 9th and was rescheduled. This pushed everything back a few days and we all know that ‘time is money’ in this industry)
* Auction Date is September 14th
* Sale Hearing (Not sure what this is) is scheduled for September 20th
* Closing Date is October 3rd.
Here comes the fun part. If Champion is the winner, rumor has it that they will reopen the Liverpool plant sometime late October – early November. They hope to be building one floor a day by the end of December. But remember, there is a PA state holiday in November for all modular home factories called the first week of deer season.
Another part of the rumor is that Champion has a huge project coming for the first part of 2017 and either the Iowa or the Indiana plant will be opened to handle it. After that, who knows what will happen to these plants.
The fly in the ointment is the Mod-U-Kraf plant in Rocky Mount, Virginia that was building a few homes for their own builders and handling the overflow from the Liverpool production. With the Liverpool targeted at building only one floor a day, it doesn’t sound like the Mod U Kraf factory will be opened anytime soon.
Let me know if you hear anything.
