CONSOLIDATED Equipment Companies (CEC) and its subsidiaries, the crane distributors Con-Equip and Owsley, have come out of bankruptcy and into liquidation.
The plan of reorganisation was approved by a bankruptcy court on 29 November, allowing the assets of both companies to go into a liquidating trust.
Banks now controlling the companies decided that they would raise more money by directly selling to customers all the stock, which includes about 40 Link-Belt rough terrain and crawler cranes at Owsley, rather than ship everything straight off to auction.
Once the stock is all gone, the companies cease to exist.
