Chandler, AZ (PRWEB) August 12, 2009
Red Mountain Machinery announced today it has filed a voluntary petition for reorganization under chapter 11 of the U.S. Bankruptcy Code. The plan is part of the company's effort to reorganize its operations, restructure its balance sheet and exit bankruptcy within 12 months. Red Mountain Machinery supplies heavy equipment to the construction industry, serving the public infrastructure, private construction and housing markets.
"We will continue operations while we take the necessary steps to emerge as a financially stronger business," said Red Mountain Machinery CEO Owen Cowing. "We expect the infrastructure, construction and housing markets to normalized in the next 12 to 24 months and fully expect to be serving customers for many years to come."
Red Mountain Machinery serves the public infrastructure, private construction and housing markets with heavy equipment rentals and services. Founded in 1986, the company is distinguished in the marketplace by its industry expertise, reliable fleet of equipment and the quality of its service to customers. Based in Chandler, Ariz., Red Mountain Machinery operates throughout the western United States.