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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.