01.12.2009

Hydro Mobile administration confirmed

We can now confirm that Canadian mast climber and hoist manufacturer Hydro Mobile, has filed for the Canadian equivalent of Chapter 11/Administration and gained protection from its creditors while it restructures its debts.

Rumours have circulated concerning the companies solvency since early October, and it now appears that it filed for protection in late October. The company has remained tight lipped over the filing as have its creditors who are owed over $15 million.

As with the US Chapter 11 process the current management remains in charge of the company as it works its way through the process and negotiates with its creditors normally agreeing a plan which pays them an agreed percentage and allows they to exit the process, either with the current ownership or with a new shareholding split.
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A Hydro Mobile heavy duty twin mast platform and Raxtar hoist

Hydro Mobile was founded in 1994 and is one of two large Canadian heavy duty mast climber manufacturers, competing head to head with Fraco, which is also based in Quebec.