Monaco Signs Non-Binding Letter of Intent With Navistar

Monaco Coach Corporation has announced that they have signed a
non-binding letter of intent with Navistar, Inc. with respect to a
proposed transaction in which Navistar would acquire certain assets and
assume certain liabilities primarily associated with the Company’s
recreational vehicle manufacturing business. Navistar, with nearly $15
billion in annual sales, is a leading global manufacturer of commercial
vehicles, military vehicles, diesel engines and related parts and
services.

The letter of intent contemplates that Monaco and Navistar will
work to sign a definitive asset purchase agreement during early April.
Following the completion of due diligence and the bankruptcy court
approval process, including the auction process, the parties intend to
close the transaction shortly after obtaining the entry of a final
non-appealable sale order of the bankruptcy court pursuant to Section
363 of Title 11, authorizing the transfer of purchased assets to
Navistar.

Monaco continues to work with other interested parties
regarding the acquisition of its Motorhome Resorts segment and other
assets held for sale.

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