Werner Slips Into Chapter 11 With $99M DIP

Law360, New York (June 12, 2006, 12:00 AM EDT) -- Werner Co., a leading ladder manufacturer, filed for Chapter 11 bankruptcy protection Monday as part of a reorganization plan intended to overcome skyrocketing costs for raw materials.

Werner, which bills itself as the world's leading manufacturer of ladders and climbing equipment, has already secured a $99 million debtor-in-possession (DIP) financing package from Stamford, Conn.-based Black Diamond Commercial Finance.

In court documents, Greenville, Penn.-based Werner recorded more than $201 million in assets and total debt in excess of $400 million.

Werner listed the Bank of New York...
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