Indiana Steel & Tube files for Chapter 11

Jul 11, 2012 | 03:00 PM | Michael Cowden

Tags  Indiana Steel & Tube, Chapter 11 bankruptcy, Jerald Ancel, Mill Steel, Four Star Steel, Alliance Steel, Charter Steel Trading, Mainline Metals steel tube

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.....

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