Commercial Alloys, smelters file Ch. 11 [UPDATE]
Dec 01, 2008 | 12:32 PM
| Paul Schaffer
Commercial Alloys Corp., a Twinsburg, Ohio-based scrap processor, has filed for Chapter 11 bankruptcy protection along with its affiliated secondary aluminum facilities, branded Aluminum One, in Minerva, Ohio, and Scottsboro, Ala.
The filings were made on Wednesday, according to the petitioner's documents. It followed a breakdown in talks with National City Bank, Cleveland, and several associated lenders. Another creditor is First Bank Business Capital Inc., St. Louis.
Lawrence Musarra, president of Commercial Alloys, told AMM that the companies slipped into violation of the debt covenant in May, requiring letters of forbearance from National City. He is the sole shareholder of Commercial Alloys and owns 95 percent or more of its affiliates, the court records indicate. The seven companies comprising Commercial Alloys and affiliates are described as having $230 million in annual revenue and 199 employees.....
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