FarmTrac Troubles

[kevanos]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.

sbeem mentioned that they are ordering parts from "Long Agri". Who is that? I though all of Long Agri became Farmtrac N.A. ???

I hope Farmtrac survives/revives/resurrects in some manner.

 

[California]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.

India has sophisticated business columnists in the newspapers and there may even be a financial paper there covering this story. Emailing a business editor in Escort's home city might get an article started, or they might even point you to existing coverage.

 

[Heywood Jannockitov]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.QUOTE]

Why don't all the dealers just call up this dude? Get it from the horse's mouth. When it is noon here (EST) it is 10:30 pm there.

The irony of the fact that the Escorts logo has a wrench in it has not been lost on me.

 

[country69]

long equipment is the company store that farmtrac owns here in tarboro and they are shipping out parts for farmtrac. they can be reached at 1-800-488-2012

 

[redlevel]

I bought a 535 in August, 2006. I assume, unless someone picks up the brand, that the warranty is toast.

I bought a loader for it about this time last year. I used the "better than zero" financing for the loader.

Does anyone know what is the status of the rebate checks?

I have been following the thread fairly closely and don't remember seeing this addressed.

 

[Tractech]

Redlevel,
As of right now the rebate checks have stopped. The checks were coming through Farmtrac and as of right now FT is down and no checks in or out. Hopefully they will be able to resolve all this soon. Unfortunately it is wait and see for everyone involved.

 

[tommybr]

Suposedly, ther is a company that is looking seriously at buying Farmtrac....a very BIG company.....let's all hope this works out for the good of dealers and customers alike and let's hope it happens soon.

 

[tusekiaharjo]

I've tried emailing the "home office" in India, but haven't heard anything back. I'm emailing again today, so we'll see.

sbeem mentioned that they are ordering parts from "Long Agri". Who is that? I though all of Long Agri became Farmtrac N.A. ???

I hope Farmtrac survives/revives/resurrects in some manner.

I have tried e-mailing India as well and still to this day ahve yet to receive a reply. I have also been trying to call Farmtrac NA and have yet to talk to a live perosn, just the automated call center.

 

[SHIFTY]

Finally a little insight !! This article is from FARM EQUIPMENT

" Breaking News: Farmtrac in Receivership; Textron Financial Seeks Millions
Farmtrac in Receivership; Textron Financial Seeks Millions

According to a February 28 report in The Daily Southerner newspaper, based in Tarboro, N.C., Farmtrac, the manufacturer of compact and utility type tractors, which closed its doors on January 18, has gone into receivership.

The paper reports that on February 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 February 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 that 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 options available to Textron and Farmtrac.

Edgecombe County Superior Court Trial Coordinator Bill Nichols said on February 27 that during a hearing, 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 October 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.

The newspaper also reports that Farmtrac CFO Alton Cobb and marketing director Shenu Agarwal have failed to respond to calls and e-mail within a 3-week period inquiring on the company's status. Farmtrac dealerships also have reported the company's failure to respond. "


The way Im reading this it sounds like Textron will be taking over

 

[dgl24087]

"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."



Sounds more like Farmtrac's assets will be sold to recover the debt, i.e., Farmtrac will no longer exist.