RUPP FILES CHAPTER 11

Snowmobile Dealer Magazine - March 1976
Mansfield, Ohio - Rupp Industries, Inc. has filed for protection under Chapter 11 of The Federal Bankruptcy Act.  Under chapter 11, the company continues to operate, but has court protection against creditor lawsuits while it tries to work out a plan for paying its debts.
   Rupp said it toke the action after its senior lenders filed a foreclosure action on the companies manufacturing plant in Mansfield, and toke "certain steps" toward obtaining judgement for the balance due them on Rupp's term notes.
   According to Rupp, discussions with the lenders failed to yield agreement on a plan of reorganization.  Rupp said it is now operating as a debtor in possession under Federal statues, and added that it was advised that its lenders are still willing to discuss a voluntary reorganization with the company.
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