Harnischfeger Seeks Bankruptcy Protection

Associated Press

Harnischfeger Industries Inc., a manufacturer of mining and paper-making machinery, filed for Chapter 11 bankruptcy protection and said it would stop paying interest on its debt of about $1.3 billion. Harnischfeger also said it has received commitments for $750 million in financing to continue operating while it reorganizes. The St. Francis, Wis.-based company had reported a loss last week and disclosed a management shake-up two weeks ago. Harnischfeger said in its quarterly financial report last week that it had exceeded its goal of cutting 3,100 positions since 1998, eliminating 3,400 by April 30. The filing in federal court in Delaware, where Harnischfeger is incorporated, covers Harnischfeger and its U.S.-based operating subsidiaries, Joy Mining Machinery, P&H; Mining Equipment and Beloit Corp.

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