||2013 For the Record
- In the bankruptcy case of Ahern Rentals, Las Vegas, a group of lenders presented their own plan for reorganization of the company’s $379.2 million of debt in mid-February. The plan calls for the investment group made up of six investment funds to jointly take over ownership of the rental company in lieu of their $267.7 million share of the debt. The group then would repay all other debt holders. If Don Ahern, who currently owns 97 percent of the rental company, and his brother, John Paul Ahern Jr., who owns the remaining 3 percent, do not fight against the proposal, they would receive warrants that could eventually be converted into shares of the company. The bankruptcy court will hold a hearing March 9 regarding the proposal as well as Ahern’s previously announced proposal in which the rental company would pay back its debts with more generous terms than originally agreed upon while not giving up any equity in the company. The court could approve either plan, neither plan or both plans, and let the parties vote for whichever plan they like.
- Terex Corp., Westport, Conn., has entered into a contract to divest its roadbuilding operations in Brazil and certain mobile roadbuilding product lines in the U.S. to the Fayat Group (Bomag and Marini). Product lines being divested include asphalt plants and pavers manufactured in Porto Allegre, Brazil, and assets for the asphalt paver, reclaimer stabilizer and material transfer product lines, which are currently manufactured in Oklahoma City. The transaction is expected to close during the first quarter. Terex said it has determined that it will be exiting the remaining roadbuilding product lines that it manufactures in Oklahoma City, and has taken charges in connection with the business assets being sold and the remaining Oklahoma City roadbuilding assets to reflect the likely realizable value in a transaction. The amount of these charges that will impact the fourth quarter 2012 results, when reported, is about $15 million. Terex will continue manufacturing operations in Oklahoma City for its product lines not affected by this transaction.
- Yanmar America, Adairsville, Ga., and Woods Equipment Co., Oregon, Ill., have formed a strategic partnership. Under the terms of the agreement, Yanmar will market and distribute Woods attachments through their nationwide dealer network. The product offering covers a line of agriculture and landscape equipment compatible with Yanmar tractor sizes ranging from 24 hp to 49 hp. The attachment line includes cutters, finish mowers, snow blowers, and assorted scrapers, discs, rakes, post hole diggers, stump grinders and blades. All equipment will be branded “Yanmar.”
- Terex Woodsman, Farwell, Mich., has changed its name to Terex Environmental Equipment (TEE) to reflect its expanding market and customer base and product development program for 2013. The company also has launched a new website at www.terex.com/environmental-equipment.
- Terex Corp., the manufacturer of Genie® branded products, has signed a long-term strategic alliance with the ESPN Wide World of Sports Complex to be the official lift equipment provider to the ESPN Wide World of Sports Complex at Walt Disney World Resort in Lake Buena Vista, Fla. Genie lift equipment will be used at the ESPN Wide World of Sports Complex for a variety of application needs, including mainenance at the 225-acre site. Genie scissor and boom lifts are regularly used as elevated platforms for cameras and camera operators to tape and broadcast sporting events at the sports complex. “By being the official lift equipment provider to the ESPN Wide World of Sports Complex, it allows us to highlight the various applications and capabilities of our quality equipment at a variety of events across the complex,” said Matt Fearon, president, Terex Aerial Work Platforms (AWP).