Indiana Steel & Tube files for Chapter 11
Jul 11, 2012 | 03:00 PM
| Michael Cowden
TORONTO Indiana Steel & Tube Inc. has filed for Chapter 11 bankruptcy protection, listing steel distributors as its biggest unsecured creditors.
The Brownstown, Ind.-based steel tube and pipe maker, which had gross revenue of more than $40 million in 2011, estimated its liabilities at between $10 million and $50 million in documents filed in U.S. Bankruptcy Court in Indiana.
The filing will not impact customers and should actually boost customer service, according to Jerald Ancel, an attorney for Taft Stettinius & Hollister LLP, which is representing Indian Steel & Tube.
Indiana Steel & Tube is slated to receive $8.5 million in debtor-in-possession financing from Columbus, Ind.-based Indiana Bank & Trust Co. (IBT), one of several secured creditors in the case, about $500,000 more than was available before the bankruptcy filing, Ancel said.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.