Funds from a pool of European banks have enabled Schwing America Inc. to pay off lenders, emerge from Chapter 11 bankruptcy proceedings, and look toward new model introductions and technologies for the company's line of concrete pumps, truck mixers and batch plants. With new funding in place, we will move forward in the reorganization and growth of Schwing America, CEO Brian Hazelton told company employees at the White Bear Lake, Minn., plant, thanking them and suppliers for their support.
In late-2009, Schwing America filed for protection in Federal Bankruptcy Court after reaching an impasse with lenders on terms of a refinancing plan driven by a sharp drop in concrete placing and delivery equipment sales. In an unusual display of support, company officials note, all unsecured creditors voted in favor of the reorganization plan presented to the court.
Alongside new equipment and technology developments, Schwing America has increased call-center staff and was recently assigned Schwing Group Central and South America sales and marketing responsibilities. We are exceeding our export sales forecasts, Hazelton affirmed, and, in general, are well positioned to take advantage of the opportunities in front of us.