Morris Material Handling emerges from Chapter 11

Morris Material Handling, Inc. said it emerged from Chapter 11 bankruptcy protection on Friday.

Under the Milwaukee, Wis. company's reorganization plan, virtually all the outstanding bank debt, bonds and other debt were converted into the equity of the new company.

Shareholders received nothing and their shares were canceled, Morris said.

Financing for the reorganized company comes from a $30 million loan facility provided by Congress Financial Corp. It will be used to fund the cash costs of emerging from bankruptcy and ongoing operations.

Morris said its "virtually debt-free" capital structure will give it the flexibility to respond to and take advantage of changes in its industry.

Morris supplies material handling equipment and services to a manufacturing, paper and primary metal industries.

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