Grove prepares to leave Chapter 11
Plans for Grove Worldwide to emerge from Chapter 11 before the end of the month were given a major boost today when the Bankruptcy Court confirmed the Company’s Amended Joint Plan of Reorganization as submitted.
Grove has not yet emerged from Chapter 11, but should do so in the next few weeks: "I anticipate that we will be out of this very, very shortly" said John Bittner, director of marketing, in an interview with Vertikal.net.
“Under the terms of the plan, Grove Worldwide’s debt will be reduced from $584 million to $205 million and annual interest expense will be reduced from $63 million to $17 million, thus providing the Company with additional resources to compete more effectively in the marketplace, along with added financial flexibility to invest in the Company’s future,” said Jeffry D. Bust, Grove’s chairman and chief executive officer.
The next stage is for a Board of Directors to be appointed. This will then take the company through the final stages.
“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.
Grove Worldwide in Chapter 11