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By Greg Gerber
Editor, RV Daily Report
A statement contained in a financial disclosure filed by Thor Industries with the Securities and Exchange Commission Feb. 1 has raised questions as to who owns Erwin Hymer Group North America now that the company is in receivership with liabilities exceeding $300 million.
The disclosure contained this statement: “Among other revisions to the purchase agreement, the amendment documented the fact that EHG (Erwin Hymer Group) sold and transferred the North American operations to be excluded from the transaction prior to the closing….”
RV Daily Report sought an answer as to who owns Erwin Hymer Group’s North American operation; however, the company has refused to respond to multiple inquiries.
Friday, a handwritten application was submitted to the Ontario Superior Court of Justice seeking the appointment of a receiver “as soon as possible to bring critical stability and governance for ENA, preserve optionality (sic) and facilitate an orderly process to develop strategies and options regarding ENA’s operations.”
ENA refers to Erwin Hymer Group North America, and the petition was brought by a representative of Corner Flag, LLC.
In another legal document, it was noted that ENA is a “wholly owned subsidiary of Corner Flag LLC.” No address was given for Corner Flag LLC, however, the document was produced by the law firm of Blake, Cassels and Graydon in Toronto.
The document noted that Corner Flag had funded all wages owned to employees up to and including the date of termination. Funding was secured with a promissory note.
The filing indicated that it was critical that a receiver be appointed to “preserve and maintain the property of ENA and assess realization strategies and options.
“This urgency is heightened given the lack of senior management at ENA and the existence of a corporate governance void,” the document noted.
The document also noted that Erwin Hymer Group North America borrowed $5.09 million from Corner Flag on Feb. 14.
Two questions remain:
- Who owns Erwin Hymer Group North America?
- Who is Corner Flag?