Tulsa-based winch and crane maker Ramsey Industries Inc. is attempting to reorganize under bankruptcy protection, according to the Tulsa World.
The newspaper reported that Ramsey Industries, parent of Ramsey Winch Co. and Auto Crane Co., made its filing Dec. 18 in U.S. Bankruptcy Court in Tulsa. It listed more than $100 million in debts. Company officials say they hope layoffs will not be necessary.
CEO John Celoni told the World that the company's poor financial position is the result of the untimely purchase of Eskridge, Inc., an Olathe, Kan.-based maker of planetary gear drives.
"This filing is occurring as a result of leverage that was taken on in an economic peak," he said. "Unfortunately, that peak was followed by an unprecedented and unforeseen economic recession."
The company did not disclose the terms of the Eskridge deal, which was completed last January. The bankruptcy filing puts Ramsey's assets at between $10 million and $50 million.
Ramsey employs 140 people. The facility is home to a winch manufacturing operation and another portion of the company that produces and installs cranes on trucks. The company employs 34 in Kansas.