Summit Manufacturing, LLC

Client Profile
Summit Manufacturing, LLC is a leading manufacturer of custom tubular steel monopoles with primary product offerings of power transmission poles, wireless antenna support structures, and their associated mounting components. Summit operates a manufacturing facility at its original site in West Hazleton, PA
Situation
The recent softness in the overall economy and the telecommunications industry resulted in a substantial decline in Summit’s sales to customers in the wireless industry during the fiscal year ending December 2001. These industry conditions, coupled with the monetary constraints created from the introduction of a new manufacturing facility in Bessemer, AL, led to the company filing for protection under Chapter 11 of the U.S. Bankruptcy Code in May 2002.
Solution
SSG was retained in December 2001 to sell Summit in order to maximize value to secured creditors. Upon selection of a platform bidder and subsequent Section 363 Asset Sale, the Company was sold to a newly formed entity, New Summit Manufacturing, LLC, which consists of outside investors. The transaction closed in September 2002.