Nu Van emerges from Chapter 11
Jun 17, 2003 12:00 PM
Nu Van Technology Inc announced Monday that it has emerged from the Chapter 11 reorganization process.Reorganization of the curtain-side trailer and truck body manufacturer was confirmed by the U S Bankruptcy Court in an order dated June 4.
Under the reorganization plan, which became effective June 16, the company maintains its internal corporate structuring. It will continue to be a privately held corporation.
“Although the last 15 ½ months have been difficult, Nu Van emerges from Chapter 11 having accomplished all our major objectives for this process,” said Fred Ufolla Sr, chairman and CEO. “We have strengthened our financial position and are in the process of securing financing, which will provide continued assurance to our vendors, lenders and customers. Additionally, we have developed a more disciplined, efficient organization and lowered our overall operating costs.”
Ufolla said that the bankruptcy experience has given the company resolve to reinvent itself and its products. Nu Van, however, will continue to focus on side-access and customized vehicles. Nu Van trailers and truck bodies include curtain-side, roll-top, Wingliner, panel slider and auto carrier product lines.
