Filed by: Fleetwood Enterprises, Inc. and Fleetwood Capital Trust II
                           Pursuant to Rule 425 Under the Securities Act of 1933
      Subject Companies: Fleetwood Enterprises, Inc. and Fleetwood Capital Trust
                                                     Commission File No: 1-07699

                  [LETTERHEAD OF FLEETWOOD ENTERPRISES, INC.]

Contact: Boyd R. Plowman, Senior Vice President-Finance (909) 351-3340 -
Lyle Larkin, Vice President-Treasurer (909) 351-3535


FOR IMMEDIATE RELEASE


FLEETWOOD ENTERPRISES ANNOUNCES EXCHANGE OFFER

RIVERSIDE, CALIF., JUNE 12, 2001--Fleetwood Enterprises, Inc. (NYSE:FLE), today
announced that it has filed a registration statement with the Securities and
Exchange Commission to register convertible trust preferred securities of
Fleetwood's newly formed subsidiary, Fleetwood Capital Trust II. Fleetwood
intends to offer to exchange the new trust preferred securities for the existing
6% Convertible Trust Preferred Securities due February 15, 2028 of its
subsidiary, Fleetwood Capital Trust. In conjunction with the exchange offer,
Fleetwood will also offer investors the right to purchase additional new trust
preferred securities of Fleetwood Capital Trust II for cash. The purpose of the
exchange offer is to enhance Fleetwood's balance sheet by reducing overall debt
and increasing shareholders' equity. The purpose of the cash offer is primarily
to pay taxes Fleetwood expects to incur as a result of the exchange offer. The
exchange offer and the cash offer are expected to commence in July.

                                      # # #

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF
AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE OR
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR
TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH STATE OR
JURISDICTION. THE OFFERING OF THE SHARES SHALL BE MADE ONLY BY MEANS OF A
PROSPECTUS CONTAINED IN A REGISTRATION STATEMENT FILED WITH AND DECLARED
EFFECTIVE BY THE SECURITIES AND EXCHANGE COMMISSION.