Schwing America Files for Chapter 11 in Minnesota 9/28/2009

Posted by Randall Reese on Monday, September 28, 2009 Labels: bankruptcy, business, chapter 11, concrete, corporation, law, petition, schwing, schwing america

Schwing America, Inc., a St. Paul, Minnesota manufacturer of concrete equipment including concrete pumps, recyclers, truck mixers and accessories, filed a voluntary chapter 11 bankruptcy petition today in the United States Bankruptcy Court for the District of Minnesota. The company is a subsidiary of Schwing GmbH and was founded in 1974.

Today's bankruptcy petition listed assets of $130.6 million and debts of $90.9 million (both as of July 31, 2009). Accoridng to a corporate profile, the company's operations include:

• engineered systems for underground applications, including tunneling and mining

• pumps that are used for mucking out spoils or backfilling mine paste

• boom and trailer pumps, placing booms, truck mixers, batch plants, and plant mixers, as well as weigh belts, feeders, and reclaimers

Major customer groups include ready-mix producers and municipalities. The company is represented in the bankruptcy cases by Ravich Meyer Kirkman McGrath & Nauman.