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Bankruptcy court assents to Grove re-organisation
00:00 26 Sep 2001
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by Colin Sowman
The US Bankruptcy Court has approved Grove Worldwide's re-organisation plan allowing it to emerge from voluntary Chapter 11 proceedings.
Under the plan, Grove Worldwide's debt will be cut from $584m (£409m) to $205m (£143m) with annual interest cut from $63m (£44m) to $17m (£12m).
This provides additional resources to compete more effectively in the marketplace, along with added financial flexibility for investments, said Grove's chairman and chief executive officer Jeffry Bust.
The company has invested $41m (£29m) over the past two years in its manufacturing plant at Shady Grove, Pennsylvania, where it makes mobile hydraulic cranes, truck-mounted cranes and aerial work platforms.
"The decision by the Court represents very good news because it paves the way for a stronger and more financially secure Grove to compete in the global marketplace," said Bust.
Reader enquiry no: 100
The US Bankruptcy Court has approved Grove Worldwide's re-organisation plan allowing it to emerge from voluntary Chapter 11 proceedings.
Under the plan, Grove Worldwide's debt will be cut from $584m (£409m) to $205m (£143m) with annual interest cut from $63m (£44m) to $17m (£12m).
This provides additional resources to compete more effectively in the marketplace, along with added financial flexibility for investments, said Grove's chairman and chief executive officer Jeffry Bust.
The company has invested $41m (£29m) over the past two years in its manufacturing plant at Shady Grove, Pennsylvania, where it makes mobile hydraulic cranes, truck-mounted cranes and aerial work platforms.
"The decision by the Court represents very good news because it paves the way for a stronger and more financially secure Grove to compete in the global marketplace," said Bust.
Reader enquiry no: 100
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