A recent court ruling will allow Michigan Wheel Corp. to emerge from bankruptcy.
The U.S. Bankruptcy Court for the Western District of Michigan approved the sale of substantially all of the assets of Michigan Wheel to a newly formed subsidiary of The Anderson Group of Bloomfield Hills, Mich.
"We very much appreciate all of our customers and suppliers working with us through the bankruptcy process and we look forward to continuing to do business with you in the future," said Stanley J. Heide, president and CEO of Michigan Wheel, in a statement.
"With the bankruptcy behind us and a strong capital base going forward, we believe that in the years to come Michigan Wheel will grow its business both domestically and internationally and we look forward to partnering with you to achieve this success," he added.
Under Anderson's ownership, operations at Michigan Wheel will continue uninterrupted and management will remain unchanged. The new company will do business as Michigan Wheel Marine. Products will continue to be marketed as Michigan Propellers, Federal Propellers, Gold Line and Hytorq.
This article originally appeared in the October 2009 issue.