Business Services Industry
Cooling tower manufacturer gets credit facility
Journal Record, The (Oklahoma City), Apr 11, 2001 by David Page
Tower Tech on Tuesday said that a debtor-in-possession credit facility has been arranged to enhance working capital. The manufacturer of modular cooling towers filed for Chapter 11 bankruptcy on Dec. 19.
Tower Tech has continued to manufacture and ship new cooling towers without interruption, except during a brief plant shutdown last December, said Robert C. Brink, CEO. Chapter 11 has been a stabilizing influence, enabling the company to reduce overhead and assuage business partners' concerns about liquidity. Also, the recent U.S. economic slowdown has heightened customer interest in cost- saving measures and as a result the company has a current backlog of orders totaling more than $2.3 million.
Tower Tech management plans to file a plan of reorganization soon and quickly emerge from Chapter 11. The annual audit and related Securities and Exchange Commission and other filings have been delayed due to the Chapter 11 process. Because of these delays, Tower Tech's stock will be delisted in the near future until these filings are brought current.
Tower Tech began developing industrial water cooling technology in 1992 in Chickasha. In 1999, the company moved into a new manufacturing facility at 11935 S. Interstate 44 Service Road in Oklahoma City.
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