Meadowcraft clears bankruptcy
Published 12:00 am Friday, September 5, 2003
A federal bankruptcy court in Birmingham confirmed Meadowcraft, Inc.’s reorganization plan, which allowed the company to emerge from Chapter 11 protection on Wednesday.
The Selma Division of Meadowcraft produces umbrellas and cushions for the Birmingham plant and employs 300 to 400 people depending on the time of year.
Andy Hewitt, general manager of the Selma division, said they’re happy to come out of bankruptcy protection but he doesn’t expect much to change on the company’s day to day operations. &uot;We’re just back to full speed. Not much has changed. We’re back as a company that’s financially sound on its on. Everything should work normally,&uot; said Hewitt.
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Meadowcraft, which is based in Birmingham, was able to complete this process and emerge successfully with the cooperation of its’ employees, vendors, lenders and customers who have all worked together to support the reorganization plan.
The result of these combined efforts will be a stronger company, which will be positioned for a successful future, according to company President and COO Jerry C. Camp, Jr.
Hewitt agreed. &uot;We’re trying to become a company that is a market leader, we’ll continue to try and raise the bar.&uot; Hewitt said the company hopes to position itself in the future market to avoid financial complications.
He also said the company’s problems started with a slow economy and increased imports, making it harder for Meadowcraft to compete.
Additionally, the company closed with CIT Group Inc., a leading consumer and commercial finance company, on future financing which will enable Meadowcraft to accomplish both its long and short-term goals and objectives.