Crane Cams TO REOPEN
 

Crane Cams says it plans to reopen after restructuring
By GREG MIGLIORE
A picture of Crane Cams says it could reopen in 30 days.
Crane Cams says it could reopen in 30 days.Well-known cam shafts company Crane Cams shut down Feb. 24 for restructuring but says it plans to reopen, likely sometime in March.

All of the company’s 280 workers were laid off, though about 25 remain to work on military contracts. The closure was in response to the global economic problems, said vice president Steve Leva. He said the Daytona Beach, Fla., company planned to reopen in as soon as a week, or it may take up to 30 days.

Re: Crane Cams TO REOPEN
 

So, they just wiped away all of their debt and now plan to start over again? I guess we filled out those tax forms so they could count us as creditors and then dump the debt they owe us.. is that part of the deal?

Re: Crane Cams TO REOPEN
 

Crane Cams to reopen is just GRATE NEWS! I am very happy to learn Crane Cams are not gone forever. It makes me wonder how many more manufactures are in financial trouble. Holley is another company that is restructuring under chapter 11 bankruptcy. Hopefully, 2009 will bring a much needed turn around to all AMERICANS and to the many small racers that are just holding on. These are scary times.

Re: Crane Cams TO REOPEN
 

Gotta agree Bruce.It's good news they will be back but I wonder if they will pay their creditors back or just
blow them off like those who are owed contingency money for BUYING THEIR PRODUCTS.
Bankruptcy protection has it's advantages,but not when the company gets a free pass from fulfilling their obligation to those who they owe debt to.
Just my opinion.

Ed F.

Re: Crane Cams TO REOPEN
 

Crane owes Glendora in the 6 digit zone for unpaid sponsor fees and I would guess plenty to racers for wins and ru's. NHRA is just a drop in the bucket. I can't imagine how much they owe NASCAR, 43 cars for 36 races, do the math!!

Re: Crane Cams TO REOPEN
 

WOW!!!

Somebody finally sticks it to NHRA??

Way to go CRANE

Re: Crane Cams TO REOPEN
 

I believe that Nascar, the NHRA and any racres are considered unsecured creditors. So basically they are the bottom of the list when getting paid, hopefully they will come back strong enough to take care of the racers

Re: Crane Cams TO REOPEN
 

Dont hold your breath to long !

Re: Crane Cams TO REOPEN
 

Don'ty hold your breath while waiting for the check

Re: Crane Cams TO REOPEN
 

Got all my checks from Crane and never had a problem getting them to pay.

Re: Crane Cams TO REOPEN
 

You are the lucky one. They haven't paid some of us for two years.

Re: Crane Cams TO REOPEN
 

lucky isn't even the word...I'm stuck for over $5k from last year...and they sure aren't the only one...I'm guessing I don't have to tell you who the others are...

Re: Crane Cams TO REOPEN
 

do tell Dan, so that way the rest of us know who NOT to buy from, so we don't get "stuck" too as you so eloquently put it.

Re: Crane Cams TO REOPEN
 

I think that Crane will be concentrating keeping the company up and running and unfortunately we will not be a high priority for the company, but at least they will be back in business.

I don't want to lessen the impact on racers but think of the 280 people that got their jobs back, that's 280 families that once again have a future.

Jim

Re: Crane Cams TO REOPEN
 

Jim I agree with you , I know Dan has a much bigger stake in this then the rest of us Because that is how he feeds his family . Crane owes us about 400.00 bucks from last year , which i don`t think we will ever see . But it will take some of the sting out , Knowing some 200 people will be getting a paycheck again

Re: Crane Cams TO REOPEN
 

Dont know if its true but I heard that Edelbrock laid off 50% of its work force & Holley filed for bancruptsy

Re: Crane Cams TO REOPEN
 

Jim: I didn't read anywhere that they were calling the employees back to work, only that they were let go. Most of the time In my experiance, when company does a restructuring deal like this one, they stay closed just long enopugh to not have to re-hire any old employees, or pay any prior debt. So when they re-structure and re-open they basicly start fresh, and are open to hire lower paid empolyees to help enhance thier bottom line in the future. Now I am not saying that this is whay Crane is doing, I dont work for them and dont know what they are planning, I am just stating that im my experiance this is the norm. I have bought and sold companies before, and this is a standard parctice when buying a struggling company.

So there is no guarantee that these poor 280 loyal employees will get thier jobs back, when they re-open thay may only hire 1/2 as many back, and may all be new employees. I have learned a long time ago, there is no more company loyalty. The days of working in the same job for your 25+ years getting your retirement and retireing anre very few and far in between.

Re: Crane Cams TO REOPEN
 

They still owe me $500 from last year! As long as I don't get that money......I don't buy another product from Crane! In fact, I'm in the process of replacing everything that is Crane on my car!!

Re: Crane Cams TO REOPEN
 

Freddie you might be right I was assuming that they were going back to business as usual since I had'nt heard about any restructuring plans being formed.

With this economy I know we are going to see more of this.

Jim