Werner Co. Files for Ch. 11 Bankruptcy Protection
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, ...