PORTLAND, Ore.--()--Beall Corporation, Inc., announced that it commenced reorganization proceedings yesterday in Portland. Beall intends to use the reorganization to seek new partnerships and working capital investments that will return the company to historic levels of profitability.
“This reorganization process is an opportunity for Beall to strengthen our financial health and secure our long term growth without significant disruptions to our customers, vendors and employees”
The company has a near-record backlog of orders but working capital constraints impaired its ability to complete orders in a timely manner. Beall intends to use the reorganization proceedings primarily to recapitalize the company to respond to high levels of demand for its industry-leading tanks and trailers.
Beall’s major creditor is supportive of the company’s restructuring and is working closely with the company to maximize value for all stakeholders. The creditor agrees to consensual use of cash collateral and is negotiating Debtor in Possession financing that will provide adequate liquidity for normal operations without any disruptions to its customers’ orders and branch service centers.
“This reorganization process is an opportunity for Beall to strengthen our financial health and secure our long term growth without significant disruptions to our customers, vendors and employees,” said James Beall, Chief Executive Officer of Beall Corporation. “I am grateful for their unwavering loyalty and support and look forward to many more years of providing the highest quality service and best looking, most reliable trailers on the road.”
About Beall Corporation
Beall Corporation’s headquarters are in Portland, Oregon. The company has five factories and eleven sales branches across the United States. Beall products include aluminum and stainless steel tanks, pneumatics, bottom dumps, end dumps, and dump bodies. In addition to manufacturing trailers, Beall Corporation also features a full line of aftermarket heavy-duty parts and service.