SEFFNER, Fla. -- Lazydays RV Supercenter Inc., the operator of the largest single-location RV dealership in the world, has an approved reorganization plan less than five weeks after beginning the prepackaged Chapter 11 case.

The bankruptcy judge in Delaware signed a confirmation order on Dec. 8 approving the plan that was accepted by affected creditor classes before the filing on Nov. 5. The reorganization was hashed out with holders of 82 percent of the $138 million in unsecured bonds that are being exchanged under the plan for the new stock.

In addition to the bonds, Lazy Days’ has $22 million in first-lien bank debt. Unsecured creditors are paid in full.

The plan investors are providing $10 million in equity. In return, they receive senior convertible preferred stock. In addition, they provided $65 million in financing for the reorganization that rolls over after confirmation.

Lazy Days’ was acquired by Bruckmann Rosser Sherrill & Co. II LP in May 2004 in a $217 million transaction. The company has one mobile home and recreational vehicle sales and service center on 126 acres near Tampa, Florida.

SOURCE: Bloomberg