{"id":9266,"date":"2016-12-15T15:46:43","date_gmt":"2016-12-15T15:46:43","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=9266"},"modified":"2016-12-15T15:46:43","modified_gmt":"2016-12-15T15:46:43","slug":"komatsu-america-launches-new-sales-support-unit-in-new-jersey","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/komatsu-america-launches-new-sales-support-unit-in-new-jersey\/","title":{"rendered":"Komatsu America Launches New Sales, Support Unit in New Jersey after Binder Machinery Bankruptcy"},"content":{"rendered":"

Komatsu Northeast to support long-term distributor growth and customer satisfaction goals<\/strong><\/p>\n

Komatsu America Corp<\/a>., a leading global heavy equipment manufacturer announced the company has formed a new business unit (Komatsu Northeast) and will assume Komatsu\u2019s trade territory for the state of New Jersey effective immediately. This includes all Komatsu construction, mining and utility equipment sales and rentals, parts, service and customer support activities. Previously, the territory was served and supported by Binder Machinery Company<\/a>\u00a0who filed for Chapter 11 Bankruptcy. SEE BELOW<\/strong><\/p>\n

\u201cThis investment, in addition to our ownership positions at Midlantic Machinery<\/a>, and Edward Ehrbar<\/a>, reflect Komatsu America\u2019s commitment to excellence in the Northeast region of the U.S.,\u201d said Rod Schrader, CEO, Komatsu America. \u201cI know with the extra support, and the team we have in place, we can deliver unrivaled products, services and solutions that exceed customer expectations,\u201d Schrader said.<\/p><\/blockquote>\n

The new unit will support Komatsu\u2019s long-term strategic plans to grow and strengthen the distribution channel by getting closer to the customer. Komatsu intends to represent a variety of complementary product lines in this market, to fully leverage future growth and customer satisfaction opportunities. Substantially all employees, facilities, and customer support infrastructure from Binder Machinery will be retained. No other transaction terms will be disclosed.<\/p>\n

\"Komatsu\"<\/p>\n

\"Ehrbar\"<\/p>\n

\"Midlantic-Machinery\"<\/p>\n

___________________________________________<\/strong><\/p>\n

\"Binder-Machinery-Company\"<\/p>\n

\n
Final DIP Financing Approved for Binder Machinery Company<\/strong><\/div>\n
Nov 10 16<\/div>\n

The US Bankruptcy Court gave an order to Binder Machinery Company to obtain DIP financing on a final basis on November 10, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $18.54 million from Callidus Capital Corporation. The DIP loan would carry an interest rate of 14% p.a. As per the terms of the DIP agreement, the loan carries a dip facility fee of $0.07 million. The DIP facility would mature either on November 21, 2016 or 15 days after entry of the Interim Order, if a Final Order has not been entered, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.13 million towards unpaid professional fees \/ administrative expenses and first priority lien upon and security interest in the debtor\u2019s collateral. The US Bankruptcy Court gave an order to Binder Machinery Company to obtain DIP financing on an interim basis on September 26, 2016.<\/p>\n<\/div>\n

\n
Bidding Procedure Approved for Binder Machinery Company<\/strong><\/div>\n
Oct 18 16<\/div>\n

The US Bankruptcy Court approved the bidding procedures relating to the sale of substantially all the assets of Binder Machinery Company on October 18, 2016. As per the approved bidding procedures, to qualify as a qualified bidder, interested parties should submit their bids by November 28, 2016. Each qualified bid should accompany with a 10% deposit. If the debtor receives any qualified bids then it would hold an auction for its assets on December 1, 2016. At the auction, the subsequent bids would be in increments of $0.10 million. The sale hearing is scheduled for December 6, 2016. Transaction is expected to close by December 12, 2016.<\/p>\n<\/div>\n

\n
Motion for Asset Sale Filed by Binder Machinery Company<\/strong><\/div>\n
Sep 28 16<\/div>\n

Binder Machinery Company filed a motion in the US Bankruptcy Court seeking approval for the sale of substantially all its assets on September 28, 2016. As per the motion, debtor seeks to sell its assets through bidding procedure. Under the proposed bidding procedures, bid deadline has been set for November 11, 2016. Each qualified bid should accompany with a good-faith deposit of 10% of the purchase price. Auction will be held on November 16, 2016. Sale hearing will be held on November 21, 2016. Transaction is expected to consummate by November 28, 2016.<\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Komatsu Northeast to support long-term distributor growth and customer satisfaction goals Komatsu America Corp., a leading global heavy equipment manufacturer announced the company has formed a new business unit (Komatsu Northeast) and will assume Komatsu\u2019s trade territory for the state of New Jersey effective immediately. This includes all Komatsu construction, mining and utility equipment sales […]<\/p>\n","protected":false},"author":1,"featured_media":9272,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8],"tags":[178,496,827,1068],"yoast_head":"\nKomatsu America Launches New Sales, Support Unit in New Jersey after Binder Machinery Bankruptcy - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/komatsu-america-launches-new-sales-support-unit-in-new-jersey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Komatsu America Launches New Sales, Support Unit in New Jersey after Binder Machinery Bankruptcy - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Komatsu Northeast to support long-term distributor growth and customer satisfaction goals Komatsu America Corp., a leading global heavy equipment manufacturer announced the company has formed a new business unit (Komatsu Northeast) and will assume Komatsu\u2019s trade territory for the state of New Jersey effective immediately. 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