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03-03-2009, 06:37 PM
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#1 |
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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. |
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03-03-2009, 06:58 PM
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#2 |
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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?
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Bruce Noland 1788 STK |
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03-03-2009, 07:42 PM
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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.
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John Duzac D/S 4448 STK |
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03-03-2009, 08:20 PM
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Veteran Member
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Re: Crane Cams TO REOPEN
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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.
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Former NHRA #1945 Former IHRA #1945 T/SA |
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03-03-2009, 08:45 PM
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Senior Member
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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!!
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03-03-2009, 09:24 PM
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Senior Member
Join Date: Jun 2006
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Re: Crane Cams TO REOPEN
WOW!!!
Somebody finally sticks it to NHRA?? Way to go CRANE |
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03-03-2009, 11:09 PM
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#7 |
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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
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03-04-2009, 05:54 AM
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Banned
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Location: Lake Placid, Florida
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Re: Crane Cams TO REOPEN
Dont hold your breath to long !
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03-04-2009, 05:57 AM
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Re: Crane Cams TO REOPEN
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03-04-2009, 08:33 AM
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Senior Member
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Location: Alexandria, Va
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Re: Crane Cams TO REOPEN
Got all my checks from Crane and never had a problem getting them to pay.
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Duane Eiskant 1354 Stock/Super Stock |
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