WilmingtonBiz.com reports that CRRC Yangtze Co. Ltd., owner of 22% of Vertex, claims nearly all of the $45.4 million in debt listed in the petition filed in U.S. Bankruptcy Court in Delaware. Two other Chinese companies—Wuhan Kemai Machinery Manufacturing Co. Ltd. and Wuhan Flying Free Logistics Co. Ltd.—list debts of $92,561 and $373,273, respectively.
Vertex Railcar Corp
Vertex Railcar Corp., the start-up builder in Wilmington, N.C., is expected to cease operations by the end of this year, according to a published report.
Vertex Railcar Corp. recently hired Barry Waters as Regional Sales Manager, overseeing sales and leasing activity in the Southeast.
Israel Morelos has joined Vertex Railcar Corp. as Director of Quality Assuranceannounced in the carbuilder’s Wilmington , N.C., office .
Wilmington, N.C.-based Vertex Railcar Corp. on Feb. 25, 2016 announced launch of Vertex Rail Leasing, LLC, which is structured as a wholly owned subsidiary “and will serve as a leasing partner to support customers who prefer leasing alternatives,” said Vertex CEO Donald Croteau.
Vertex Railcar Corp’s new freight car manufacturing facility in Wilmington, N.C., is being outfitted to produce 8,000 cars per year. However Vertex CEO Donald Croteau says that with the company’s ramp-up and with “market conditions being the way they are,” he expects that this year’s output will be between 2,500 and 3,000 cars.
Vertex Railcar Corp. of Wilmington, N.C., has achieved two certifications from the Association of American Railroads (AAR). Following official site audits this fall, AAR representatives certified that the Vertex facility in Wilmington meets AAR Quality Assurance (M-1003) specification and awarded the S-2034 Car Builder Certification.