Recycler Ferromet seeks Ch. 11 protection
May 10, 2012 | 03:09 PM
| Lisa Gordon
PITTSBURGH A metal recycler operating in Ohio and Pennsylvania has filed for Chapter 11 bankruptcy protection, citing an issue with its lending institution as the main driver behind the move.
Medina, Ohio-based Ferromet Corp. and New Castle, Pa.-based subsidiaries Ferrotech Inc. and Ferrotech Realty LLC filed for bankruptcy late Tuesday in U.S. Bankruptcy Court for the Western District of Pennsylvania.
"The reason this has happened is we fell victim to what is happening to small businesses across America and is purely a banking issue," president Mark Heuschkel told AMM. "We had no other choice but to take this move."....
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