Schwing America Successfully Exits Chapter 11
Schwing America Inc., a manufacturer of concrete equipment, recently announced that it had successfully emerged from Chapter 11 bankruptcy.
The company’s plan of reorganization was approved by the Federal Bankruptcy Court after nine months of protection. Schwing completed the payoff to existing lenders from funds obtained from a pool of European banks.
“With new funding in place we will move forward in the reorganization and growth of Schwing America,” CEO Brian Hazelton says.
In an unusual display of support, 100 percent of the unsecured creditors voted in favor of Schwing’s reorganization plan, according to court documents.
Hazelton says Schwing is planning new model introductions and technologies for the company’s line of concrete pumps, truck mixers and batch plants.
Schwing America currently markets throughout North America and was recently assigned sales and marketing responsibilities for Central and South America.