Funds from a pool of European banks have enabled Schwing America to pay off lenders, emerge from Chapter 11 bankruptcy proceedings, and look toward new model introductions and technologies for its line of concrete pumps, truck mixers and batch plants
Source: Schwing America Inc., St. Paul, Minn.
Funds from a pool of European banks have enabled Schwing America to pay off lenders, emerge from Chapter 11 bankruptcy proceedings, and look toward new model introductions and technologies for its 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 during reorganization.
Schwing America filed for protection in Federal Bankruptcy Court last September after 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 was recently assigned sales and marketing responsibilities for Central and South America and has increased call-center staff to handle expanding business. We are exceeding our forecasts in export sales, Hazelton affirms, and, in general, are very well positioned to take advantage of the opportunities which are in front of us.
In addition to its North American business, the Schwing Group operates production plants in Germany, Austria, Brazil, Russia, China and India.