Strafford, Missouri, December 19, 2024 – RBX Inc. and a related company Humper Equipment, LLC (the “Companies”) announced today that the Companies filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Companies will continue to operate while they seek to reorganize under Chapter 11. The petitions were filed in U.S. Bankruptcy Court for the Western District of Missouri in Springfield, Missouri on December 12, 2024. Following a review by its board of directors of the available alternatives, the Companies determined that Chapter 11 reorganization is in the best long-term interests of the Companies, their creditors and their stakeholders.
The Chapter 11 filings were forced due to ongoing disputes with PACCAR including units powered with PACCAR engines causing excessive downtime, loss of revenue, and personnel issues because of equipment quality.
“The Companies remain very profitable and expect to be able to generate sufficient cash from operations to meet the expenses of running our business during the Chapter 11 proceedings” said the Companies’ chief executive officer Jim Keltner. Mr. Keltner further states that “the Companies are committed to our customers, our employees, and our vendors to move ahead in the future, with the best possible service in the transportation industry. We value and protect our long-standing relationships and will continue to be a partner as we work through this time of reorganization. We do not expect any glitches in working together moving forward to service our customers.”
The Companies have engaged Robert Eggmann and Thomas Riske and the law firm of Carmody MacDonald P.C. as counsel to assist them in exploring a variety of alternatives, including stand-alone recapitalization and potential third-party investment scenarios. The Companies have initiated preliminary discussions with certain of the Companies’ key constituencies, including lenders under the Companies’ credit facility as well as certain potential financing partners.
Under Chapter 11, a company is protected from its creditors while it continues to operate its business as well to negotiate a restructuring and/or repayment plan with its financial creditors. The Companies’ plans with respect to its recapitalization contemplate that its trade suppliers, unsecured trade creditors, employees and customers would not be materially adversely affected by the outcome of the process, although there can be no assurance of such outcome.
For more information on RBX, Inc., visit www.rbxinc.com.
Carmody MacDonald P.C. is a St. Louis-based law firm with 61 attorneys committed to providing high-quality legal services to small businesses, large corporations, individuals, and families. For more information about Carmody MacDonald, visit www.carmodymacdonald.com.
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Media inquiries, contact:
Robert E. Eggmann
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314-854-8638
