Restructuring became final on February 4, 2002. Transportation Technologies had been operating under bankruptcy protection since December 7.
The reorganized company is owned by management and a group of institutional investors.
The financial shortcomings were the result of debt load incurred when the company acquired Kidron Corporation and Hackney Brothers, two leading manufacturers of insulated van bodies, according to John May, president of Kidron.
“The company performed wonderfully until the market began turning down in 1999 and particularly after the tragedy of September 11,” May says. “With customers not buying as much, we thought this would be a good time to restructure. We felt that we could minimize the time we were operating under Chapter 11. That proved to be the case. We are now stronger today and in a position to take advantage of an improving market.”
Kidron continues to operate its manufacturing plants in Kidron OH and Lakeland FL. Hackney and Sons also has kept its two plants open in Washington NC and Independence KS. The Hackney Brothers manufacturing plant in Wilson NC was closed and absorbed into the Kidron operation when Transportation Technologies acquired the company.