Ziegler Crane Rental filed for Chapter 11 bankruptcy protection last week, the South Florida Business Journal reported. The bankruptcy petition for Ziegler listed debts ranging from $10 million to $50 million.
The Riviera Beach, Fla.-based company is one of several Florida crane rental companies to file for bankruptcy protection. Pompano Beach, Fla.-based General Crane recently emerged from bankruptcy protection after a $40 million asset sale.
In an e-mailed statement to the Journal, bankruptcy attorney Michael Seese attributed Ziegler’s difficulties to the construction downturn. “The company has been in business for more than 25 years and is a respected service provider,” Seese said. “We expect to restructure the liabilities, possibly reduce the collateral base to a level consistent with debt service capabilities and emerge from Chapter 11 under a viable restructuring plan.”
