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>someone told me that rocky mountain motorworks is filing for chapter 11 >restructering is that true what has other people been told please let me know Here's the story >From the Colorado Springs Gazette http://www.gazette.com/stories/0129biz1-4.php?section=2 January 29, 2002 Car parts store expects to get on feet in Springs By Jeanne Davant The Gazette Woodland Park foreign car parts and accessories vendor Rocky Mountain Motorworks expects bankruptcy proceedings to give the company a jump start and put it en route to a new location in Colorado Springs. The company filed for Chapter 11 bankruptcy last week after suffering a slowdown that began in 2000, President and CEO Chris Nowak said Monday. But he said, "I'm very confident the company will survive and prosper." Nowak said he plans to talk with several investors who are interested in buying a majority of the company in about two weeks and expects to have a new partner on board within a few months. "We'll likely sell the facility in Woodland Park to raise more cash," he said, adding that he hopes to move the 45-employee company to Colorado Springs. Rocky Mountain Motorworks, buys, sells and manufactures Volkswagen and BMW parts and accessories through direct mail and the Internet. The company was riding high in 1998 when sales topped $10 million and the company employed more than 100 people. But Nowak said the company, already tight on cash, made a significant investment in Y2K technology in 2000. In mid-2000, its lender, Vectra Bank, declined to renew its line of credit. Then came the economic downturn, which hit most mail-order companies hard. Nonetheless, interest remains high in the company, Nowak said. "We have the strongest brand in the world for our niche," he said. Nowak said the Chapter 11 filing will help him restructure his debt so he can shore up Internet sales, which account for 20 percent of the company's business and provide a better return than its catalog sales. //////////////////////////////////////// Obligatory Signature here: For your VW Type 3 cravings: http://www.autographica.com/vw - Type Three Parts Book Online - Type Three Cabriolet Prototype Project - Rebus Project: 1962 Notchback Restoration ...and the Houston Volkswagen Club http://www.hvwc.net watch the current project in progress linked from http://www.hvwc.net //////////////////////////////////////// //////////////////////////////////////// Obligatory Signature here: For your VW Type 3 cravings: http://www.autographica.com/vw - Type Three Parts Book Online - Type Three Cabriolet Prototype Project - Rebus Project: 1962 Notchback Restoration ...and the Houston Volkswagen Club http://www.hvwc.net watch the current project in progress linked from http://www.hvwc.net //////////////////////////////////////// ------------------------------------------------------------------- Search old messages on the Web! Visit http://www.vwtype3.org/list/