PVC pipe extruder Ridgeline Pipe Manufacturing LLC continues to operate after filing a voluntary petition March 4 for Chapter 11 protection from creditors. The company made the move to better handle its debt load, according to its operations manager.
We're still running 24/7, Mike Stickel said by phone March 23. The Eugene, Ore.-based company said the filing was primarily due to the impact of the recession on the construction industry.
Margins over the last two years decreased to levels not seen in the last three decades. As a result of the low margins, the company will need a restructuring of debt to meet all of its obligations and continue operations, Ridgeline said in a statement.
Ridgeline was launched in March 2008 by former PW Eagle Inc. officials who declined to move after J-M Manufacturing Co. acquired PW, forming JM Eagle, and moved the firm's Eugene operations to Los Angeles. Ridgeline started with 45 employees.
Ridgeline focuses on PVC electrical conduit and fittings. It occupies two buildings totaling 54,000 square feet. The company also extrudes pipe for agricultural, turf and drain applications.
The firm employs 55. Ridgeline did not release sales figures, but said its pipe sales doubled in 2010 and continued to grow the first two months of this year.
Daily shipments will not be affected by the filing and customers will experience no change in the normal product range or service. The plant will continue its 24/7 operations and all employees will continue to work without interruption, the company said.
In court filings, Ridgeline said it has between 50-99 creditors, assets of between $1 million and $10 million, and liabilities of between $1 million and $10 million.