Newsletter #001 (View other news stories)
TBM COMPLETES ACQUISITION OF BLUE GIANT
Westport, United States
Friday, 24 Nov 2000
WESTPORT, USA -- A TBM Holdings subsidiary has completed its acquisition of Blue Giant Ltd's assets from Clark MHC Inc for US$9.5 million.
TBM's new subsidiary, Blue Giant Equipment Corporation, also acquired some assets of Blue Giant Corporation, Clark's subsidiary based in Pell City, Alabama, for US$1.5 million.
Clark announced it had signed a letter of intent with TBM in September. The move followed Clark, Blue Giant Corporation and Hydroelectric Lift Trucks Inc, another subsidiary, filing voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code in April.
Citing difficulties with high costs and a "leveraged capital position", the move gave the company time, under federal protection from creditors, to develop and implement a plan to meet its debts and remain in business.
Blue Giant Equipment will manufacture materials handling equipment, lift tables and dock equipment.
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