[A/S] RV Museum News

http://www.southbendtribune.com/business/sbt-debt-deal-aids-rv-museum-20120316,0,6038519.story

"5:23 a.m. EDT, March 16, 2012

ELKHART (AP) -- A northern Indiana museum that charts the changing
styles and innovations of the recreational vehicle and manufactured home
industries has reached a debt-restructuring agreement giving its
operators more time to pay off millions of dollars in loans.

The RV/MH Hall of Fame and Museum's restructuring plan was announced
Wednesday, nearly a year after officials warned the site was at risk of
closing within weeks.

The Elkhart Truth reported Thursday that the hall of fame and museum
owes $4 million to 1st Source Bank and the family of the late Robert
"Boots" Ingram. That money was borrowed to build a new wing onto the
main structure and to purchase a collection of pre-World War II
recreational vehicles.

Darryl Searer, the group's newly appointed president and chief operating
officer, said in a statement that the restructuring plan is only the
first step to putting the RV showplace on firmer financial ground.

He said the next step is seeking donations from the industry to improve
the museum's financial footing.

Those donations will be used to keep the museum open and staffed, to
maintain the property, the exhibits and library, and to promote the hall
of fame to get more visitors as well as bookings for events in the
conference space.

The museum's restructuring plan will extend its loans' due dates and
enable the organization to reduce its monthly payments. Specifically,
1st Source has significantly lowered the interest rate and restructured
its agreement while the Ingram family forgave overdue interest
obligations and agreed to forgo any payments or interest on its loan
until the bank is fully paid in 2016.

In addition to rewriting the terms of their loan, the Ingram family also
is offering to match all individual contributions, up to $100,000,
raised before the end of August."
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