Schwing America, Inc., Successfully Exits Chapter 11
July 13, 2010. St.Paul, MN. Schwing America,Inc. a leading manufacturer of concrete equipment successfully emerged from Chapter 11. 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 announced to the Schwing employees. Hazelton thanked customers, the Schwing family and suppliers for their support. In an unusual display of support, 100- percent of the unsecured creditors voted in favor of Schwing’s reorganization plan, according to court documents.
The company has increased head count in their Call Center to handle expanding business activity. Hazelton also mentioned that 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 which will increase revenues. “We are exceeding our forecasts in export sales, “ according to Hazelton, “ And in general, we are very well positioned to take advantage of the opportunities which are in front of us.”
The Schwing Group operates production plants in Germany, Austria, USA, Brazil, Russia, China and India. Schwing America manufactures a complete line of concrete equipment including truck-mounted concrete pumps with placing booms, stationary pumps, separate placing boom systems, batch plants, reclaimers and truck mixers sold throughout North and South America. All Schwing products are supported by a professional global service network. For more information visit www.schwing.com, or call 888-SCHWING.
