Citing high debt levels and rising prices for aluminum and other raw materials, Werner Co., Greenville, PA, and its affiliated companies have filed for Ch. 11 bankruptcy protection.
Werner is a global manufacturer and distributor of ladders, climbing equipment and ladder accessories.
In papers filed in U.S. Bankruptcy Court in Delaware, Werner reported audited net sales of $472.3 million for the year ending Dec. 31, 2005. As of March 31, 2006, Werner reported assets of $201 million and liabilities of $473.4 million.
Werner is highly-leveraged and is facing the maturity of significant portions of debt in its current capital structure, court documents reveal. At the same time, Werner says, it is undergoing a significant operational restructuring, ...