FarmTrac Troubles

   / FarmTrac Troubles #201  
I would not be afraid to buy a FarmTrac, just so long as you are ok with providing your own warranty and perhaps waiting a bit for parts. Someone will provide parts support. As long as there is some $$ to be made, somebody will step up. For the right person, these tractors would be a geat deal right now. I do feel sorry for the dealers that own inventory or have inventory on a credit line. It is a losing deal for them, and not their fault. And of course the buyers that have seen their warranty vanish, but if I owned one, I'd keep it, not sell it cheap. Use it for years and get your money's worth out of it. Maybe not a good idea for a professional type use, but for the average homeowner it should be fine.
 
   / FarmTrac Troubles #202  
Ned , your a new member here, some members may be unsure of your intentions. There are truly some who come to TBN simply to stir the pot so to speak. That said, i think your opinion on some of the Bobcat dealers not taking on the compact lineup is really premature. Remember Bobcat is now owned by Doosan, and they have invested heavily in Daedong. These are both South Korean companies and none of us know how deep their ties are. Id be willing to bet that non complying dealers will be pushed to the bottom of their lists so to speak.. Remember also that Bobcat really hasnt launched their full lineup, that will happen this spring when they will carry a full lineup of 20 to 50 hp compacts. This isnt going to shake the foundations of the compact tractor world but it will give alot more parts availability to both Kioti and Bobcat owners, giving more options to both. I apoligize for distracting the thread, i truly hope that the Farmtrac owners get a positive resolution to all this.
 
   / FarmTrac Troubles #203  
DavesTractor said:
Any news on FarmTrac lately?

Dave,
I have received some info on the Farmtrac happenings but am not at liberty yet to say much. I will say that my information says there are three companies that are seriously contemplating the buy out or take over or what ever they work out. Not sure if it will get split like pie or how it will happen. I was assured that all three are serious and they are not just talking. With that being said it could also change by Friday. My gut tells me there will be some sort of direction toward the mid to late March time frame.
 
   / FarmTrac Troubles #204  
Ned Farlinger said:
Back to Farmtrac as Dave indicated:

This is really too bad, these are good tractors. This is a very tough market in what are tough times right now:

Farmtrac Tractors

That was my dealer. Next closest dealer was 80 miles away.
 
   / FarmTrac Troubles #205  
DavesTractor said:
Any news on FarmTrac lately?
Is that what this thread is about??
Amazing what can happen when your away from TBN for a few months!!
My tractor company is belly up and apparently so is the "BIG BRAND" topics on TBN.
 
   / FarmTrac Troubles #206  
Hello, I live in Tarboro...Home of Farmtrac. I am not affiliated with Farmtrac but am following the story. Here's an article from today's newspaper The Daily Southern in Tarboro.


Published February 28, 2008 10:36 am

Farmtrac goes into receivership

BOB BENEDETTI
Associated Press


Since Farmtrac North America closed its doors on Jan. 18, workers of the Tarboro-based firm and dealers across the nation who sell its products have hoped to learn more about the company's status.


The farming implement manufacturer at 111 Fairview St., as recent as Feb. 5 had continued to keep approximately 180 Farmtrac workers under temporary layoff and still in limbo.

Farmtrac Chief Financial Officer Alton Cobb and Marketing Director Shenu Agarwal have failed to respond to calls and e-mail within a three-week period inquiring on the company's status. Farmtrac dealerships across also have reported the company's failure to respond.

According to a complaint filed Feb. 12 in Edgecombe County Superior Court, Textron Financial Corp. is seeking "not less than $13,309,056 plus interest plus attorney's fees of $1,996,358 and "additional contingent obligations"

According to a Claim and Deliver affidavit dated Feb. 12, the actual value of Farmtrac property is "approximately $12 million."

The complaint form also states that N. Hunter Wyche of Raleigh, a legal representative for Farmtrac, agreed to a request for Claim and Delivery hearing by Textron Financial. A claim and delivery is a legal action to recover personal property which is in the possession of another party.

Textron Financial Corp. local counsel David M. Warren said Wednesday that a Claim and Delivery hearing has not yet taken place. It is one of many options available to Textron and Farmtrac.

Edgecombe County Superior Court Trial Coordinator Bill Nichols said Wednesday that during a hearing Tuesday, attorney Jim Morrow of Tarboro was appointed as receiver for Textron Financial.

A receiver is appointed by a bankruptcy court or creditor to run a company. The responsibility of the receiver is to recoup as much of the unpaid loans as possible. Being in receivership is not an enviable situation for a company. Forbes Media explains that "Often receivers find that the best way to pay back loans is to liquidate the company's assets, which would effectively put it out of business."

Farmtrac originally signed into the repurchase agreement with Textron Financial on Oct. 6, 2006.

When asked about severance packages or buyout plans on February 5, Sales Manager Sushil Kaul conceded that "the company does not have enough funds" to consider those options.

So what are workers to do?

They can choose between riding it out or pursuing other employment.

The workers, presently on temporary layoff, are allowed to collect unemployment without being required to seek out new work. Once displaced workers take on a permanent layoff status, they become eligible for federal re-training and back-to-school programs. It is a wait that, depending upon Farmtrac, could last for up to 24 weeks.

Farmtrac sales and service franchises across the nation state they have not been contacted by phone or fax after multiple attempts to reach Headquarters. They have a costly stock of tractors that customers are unwilling to purchase new tractors without manufacturer warrantees and support. Others dealers report being unable to locate parts to keep their customers' tractors operational.
 
   / FarmTrac Troubles #207  
All I can say is that I have a 8060DT with a bad motor with less then a 100 hours on it. I cant get nothing done. It is setting at a shop torn apart. They have 2 motors in the factory, but no one will let me get one shipped. I think they are all poor business people. I am going to get my 27,000.00 back one way or the other. The dealer here has went out of business 2 months ago. He cant be found. So right now my opinion of Farmtrac is not that good. :mad: But let me ad that Mr. Flowers has gone out of his way to help me. He is a Farmtrac Tec and I know he is not getting paid for all that he has done for me. But if I have to I will be glad to pay him for his time. I just want to know how can a company have such good employees and not keep them informed. I know about Mr. Morrow he is in charge now. I have been told this. He is the only person that can allow me to get my motor. I have emailed Him and I hope to get this problem took care of. I will keep you all posted about my tractor. I love this blue tractor and hope to get it fixed and back into the field.
 
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   / FarmTrac Troubles #208  
albmn10 said:
Bobcat is now owned by Doosan, and they have invested heavily in Daedong. These are both South Korean companies and none of us know how deep their ties are. Id be willing to bet that non complying dealers will be pushed to the bottom of their lists so to speak.. Remember also that Bobcat really hasnt launched their full lineup, that will happen this spring when they will carry a full lineup of 20 to 50 hp compacts. This isnt going to shake the foundations of the compact tractor world but it will give alot more parts availability to both Kioti and Bobcat owners, giving more options to both. I apoligize for distracting the thread, i truly hope that the Farmtrac owners get a positive resolution to all this.

This is not the first partenership that Bobcat has done, if it does not make them money they will drop Kioti right away. They've done it with several companies in the past. I would not make too much of this relationship till it stands for a few years.
 
   / FarmTrac Troubles #209  
As we look at yearly financials of all the players, keep in mind that recent years have been very good to the tractor market, especially the compact and smaller utility market. These financial reports don't reflect the future. And the past they do represent is quickly becoming a distant past. As much as I'd like to convince everyone including myself that the situation with our economy isn't going to get much worse, I truely believe the bottom is just beginning to fall out. If that happens, it's not about who builds the best tractor, or who has a strong customer base. It'll be about which companies have the least debt or the best handle on managing their debt, and who has the brilliant management in place to deal with a steadily delcining market. At the very best, IMHO, things will remain slow or stagnent for some time.

There will be more "FarmTracs" before things get better.
 
   / FarmTrac Troubles #210  
The one thing I believe we owe the Farmtrac tractor owners is to stay on topic about Farmtrac. They're lots of folks checking in on this thread anxious to hear the latest developments about Farmtrac. I know they appreciate it when they don't have to sort through all the chaff.

Neil, Several folks clammering for new "B" series tractors in the Kubota Forum. I hear them calling you. ;)

Don
 
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