LEXINGTON, Ky. - Clark Material Handling has filed for reorganization under Chapter 11 of the Bankruptcy Code, the company announced in April. Clark cited its high cost structure and leveraged capital position as reasons for the filing.

Chairman and CEO Martin Dorio Jr. said the company has received commitments from debtors in possession financing of up to $45 million and that by filing under Chapter 11, Clark can cease interest payments on certain parts of its debt. The move also gives the company time to plan for restructuring and paying off its debt, he added.

Clark's U.S. operating subsidiaries, Blue Giant and Hydroelectric Lift Trucks, were included in the filing.

The company will maintain its world headquarters here but will shift the production and assembly of forklift trucks from its Lexington plant to facilities in Alabama, South Korea and Germany. Closure of the Lexington plant was considered "absolutely necessary" to lower operating costs, Dorio said. That plant will operate until the end of this year.