Keystone Industries filed for bankruptcy

Keystone Industries filed for bankruptcy

The parent company of Keystone Steel & Wire, Keystone Consolidated Industries filed for Chapter 11 bankruptcy protection due to surging debts and costs. According to the statement released from the company, Keystone applied for the approval of $60 million debtor-in-possession facility. An official from the company stated that, the company will prolong its operations, including shipments during restructuring. It is also reported that, the company has struggled to restructure outside of bankruptcy court for two years, however failing to do so, the company has been forced to file for bankruptcy.