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Ramsey Winch files bankruptcy

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Ramsey Winch files bankruptcy

Postby PatriotJeep » Wed Jan 13, 2010 8:37 pm

Ramsey files bankruptcy

By KYLE ARNOLD World Staff Writer
Published: 12/21/2009 7:09 PM
Last Modified: 12/21/2009 7:09 PM

Tulsa-based winch and crane maker Ramsey Industries Inc. is trying to reorganize under bankruptcy protection, with company officials saying they hope layoffs will not be necessary.
Ramsey Industries, parent of Ramsey Winch Co. and Auto Crane Co., made its filing late Friday in U.S. Bankruptcy Court in Tulsa. It listed more than $100 million in debts.

In a telephone interview Monday, CEO John Celoni said the company?s poor financial position is the result of the untimely purchase of Eskridge, Inc., an Olathe, Kan.-based maker of planetary gear drives.

?This filing is occurring as a result of leverage that was taken on in an economic peak,? he said. ?Unfortunately, that peak was followed by an unprecedented and unforeseen economic recession.?

The company did not disclose the terms of the Eskridge deal, which was completed last January.

The bankruptcy filing puts Ramsey?s assets at between $10 million and $50 million. Ramsey?s headquarters at 1600 N. Garnett Road employs 140 people. The facility is home to a winch manufacturing operation and another portion of the company that produces and installs cranes on trucks.

The company has another 34 employees in Kansas.

Celoni said Ramsey should not have to lay off any personnel under its reorganization plan.

Ramsey Industries started business in 1944 as a supplier for Douglas Aircraft Co., which was making military aircraft in Tulsa. A year later, Ramsey started making winches to help pull vehicles out of mud and snow.

The company was sold in 2007 to Gridiron Capital, with Bruce

Barron becoming CEO. Celoni was hired to lead the company last June.

By KYLE ARNOLD World Staff Writer
PatriotJeep
 

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