American LaFrance Confirms Reorganization

May 28, 2008

1 Min Read
American LaFrance Confirms Reorganization

American LaFrance, Summerville, S.C., has received approval from bankruptcy court in Delaware for its chapter 11 reorganization plan to emerge from bankruptcy. The company has been in bankruptcy for less than 17 weeks and claims it will emerge with almost 90 percent of its creditors supporting the plan.

“By having obtained an extension of $40 million of new credit in connection with its exit from bankruptcy, American LaFrance is in a strong financial position to well service its customers,” said Lynn Tilton, CEO of Patriarch Partners, one of the investors in the reorganization plan, in a press release.

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