09.12.2009

General Crane files Chapter 11

Florida based crane sales and rental company, Gulfstream Crane, which trades as General Crane of Pompano Beach Florida, has filed for Chapter 11 bankruptcy protection.

The company which operates a fleet of crawler, tower and mobile cranes including Linden Comansa, Link Belt and Liebherr products, has declared between $50 and $100 million in debts and a similar level of assets.

Founded in 1972 General Crane also has locations in Georgia and Texas. The bankruptcy petition was signed by managing partner Jason Retterath, The company has been subject to a number of claims from finance companies and manufacturers including Linden Comansa.

According to the company, the process is expected to be concluded by early 2010, it also claims that all of its lenders are both cooperative and supportive.

“This economic downturn has impacted many people in our industry” said Jim Robertson , managing partner of General Crane. “Unfortunately, we were not immune. We’re going to take this time to learn and grow. We will be looking at how we can do what we do even better. One thing is for sure, we will emerge stronger and leaner and more focused on customer service than ever before”

Robertson and Retterath are also the managing members for Hunter Crane, Republic Towers and Hoist and Merchant Transport.