Powell Steel’s bankruptcy case dismissed

Friday, 24 January 2014 01:43:30 (GMT+3)   |   San Diego
       

A US bankruptcy judge dismissed Thursday Lancaster, Pennsylvania-based fabricator Powell Steel’s bankruptcy case, ordering the firm to pay $24,400 in “accrued but unpaid” court fees owed to the U.S. Trustee.

The company filed for bankruptcy in February 2013, reporting liabilities of $6.6 million and assets of $2.9 million.  Annual sales at the time were estimated to be $14 million.  However, conflicts with the company’s lender, M&T Bank, made the possibility of reorganizing impossible.  The company laid off the last of its employees in December and was evicted from its plant on January 7.


Similar articles

Alleghany Capital Corporation subsidiary acquires Texas structural steel fabricator

07 Feb | Steel News

CMC Steel Fabricators acquires MMFX Technologies

27 Oct | Steel News

AK Steel awarded grant for steel research used in hybrid electric vehicles

19 May | Steel News

Olympic Steel closing North Carolina fabrication plant

19 May | Steel News

Ryerson Acquires Laserflex

23 Jan | Steel News

RWR 2017: US new political landscape, new steel opportunities

17 Jan | Steel News

Some US automakers curtailing production in January

27 Dec | Steel News

Delaware-based fabricator expands into Maryland

12 Oct | Steel News

Kennametal completes sale of steel plate fabrication segment and other non-core businesses

03 Dec | Steel News

Wisconsin fabricator acquired by investment group

25 Mar | Steel News