Posted August 24, 2010
Western Tool emerges from bankruptcy
Western Tool Supply announced that it emerged from bankruptcy protection.
The Salem, Ore.-based distributor said its reorganization plan was approved by creditors on March 19, and the final discharge was effective June 29.
"The company filed for protection from creditors in June 2009, and immediately began the process of restructuring and reorganizing during the worst construction and housing market downturn in 50 years," according to company president, Kevin Kiker.
"With the cooperation of creditors and the bank, Western Tool Supply was able to negotiate a settlement that allows the company to conduct business in a streamlined and more efficient manner," the company said in a statement.
Western Tool Supply operates 20 stores in Oregon, Washington, Idaho, Montana and Utah. At its peak, the distributor had 61 stores in the U.S. and Canada.
