02.01.2002

Upright's parent in Chapter 11

Upright's parent company, WR Carpenter North America, Inc, has today filed a voluntary Chapter 11 petition.

WR Carpenter’s entry into Chapter 11 protection from creditors comes simultaneously to the filing of a joint plan of reorganisation from Upright and WR Carpenter to the US Bankruptcy Court in California.

Upright has itself been in Chapter 11 since June 2001. It quickly recommenced production and has continued to offer its traditional service since then, including spare parts availability, warranty and customer service.

Ian Menzies, President and CEO of Upright revealed that under the terms of the reorganisation plan the two companies will become one: "We believe that the Plan, when implemented, will create a sound capital structure with the merger of Upright and WR Carpenter. The ongoing enterprise will preserve hundreds of jobs, maintain relationships with vendors and make distributions to creditors substantially in excess of that which could be made under any alternatives."

“The Joint Plan of Reorganization filed today is the result of extensive negotiations with the Committee of Unsecured Creditors appointed in the UpRight case (the “Committee”). This Plan has the full support of the Committee and the equity holders of the companies, and will result in very substantial distributions to our creditors” added Menzies.


UpRight restarts production. September 3, 2001

UpRight seeks Chapter 11. June 17, 2001