In legal jargon Grove Worldwide ‘consummated its plan of reorganisation’ on 26 September.
The plan, to bring the company out of Chapter 11 bankruptcy protection, was approved by the Bankruptcy Court on 14 September.
‘Consummation’ sees Grove begin making payments to its pre-petition, unsecured creditors.
According to the provisions of the plan, the company will pay 100% of allowed pre-petition claims to this class of creditors.
‘One of the key components of our plan of reorganisation was to make sure that all of our pre-petition vendors and suppliers were made whole. We have now begun that process and expect to have it completed over the coming ten day period,’ said Jeff Bust, Grove’s chairman and chief executive officer.