FORT WORTH, Texas — Crescent Machinery Co. recently announced the confirmation of its Chapter 11 plan of reorganization. U.S. Bankruptcy Judge D. Michael Lynn signed the order confirming the plan March 14, and the emergence was expected on or about May 1.
As part of its reorganization plan the Fort Worth, Texas-based company plans to have eight branches in Texas and Oklahoma. Since beginning the bankruptcy case, Crescent has closed seven branch offices in Nevada, California and Hawaii as part of implementing its plan of reducing costs and focusing on the company's core business in Texas and Oklahoma.
The reorganized Crescent Machinery will be a closely held private company, and the management team will control the majority of the stock. The major lender for Crescent going forward is General Electric Capital Corp. through its offices in Danbury, Conn., and St. Louis, Mo. GECC will retain warrants to acquire a minority position in the company.
Crescent is No. 57 on the RER 100.