17.06.2001

UpRight seeks Chapter 11

UpRight Inc has applied for Chapter 11 protection while it attempts to re-organise its operations. The company has suspended production of new equipment at its US manufacturing facilities in Madera, CA and Selma, CA but stresses that production at its Irish facility is unaffected as are sales operations throughout Europe.

A total of 800 employees have been laid off in the US where the company is understood to have around 3000 aerial work platforms in stock. The company stressed that the closure and lay-offs were temporary and blamed “a sharp decline in recent customer orders, a overall slowdown in customer payments and the burden of the company’s debt obligations” for the need for the filing. UpRight is a wholly owned subsidiary of W R Carpenter North America Inc which noted that the filing followed a demand for full repayment under a $20 million revolving line of credit from Union Bank of California NA, UpRight’s principal lending institution.

UpRight’s international affiliates, including entities in Ireland, The Netherlands, Singapore and Japan are not part of the filing and will continue trading as normal. The Irish facilities planned move to larger premises will continue as scheduled during July/August.

“The management team is positive and confident about the prospects for leading this company out of bankruptcy and working diligetly to restore our prominent position in the aerial work platform business as well as our valued relationships with our customers, dealers and vendors” said Ian Menzies, president of UpRight.