CHICAGO Steel fabricator and erector Vulcan Steel has
filed for Chapter 11 bankruptcy protection, listing steel
suppliers and service providers among its biggest unsecured
The Jacksonville, Fla.-based firm, a FitzLord Inc. company,
contended that the loss of its $100,000 line of credit with
American Express Co. made the bankruptcy petition necessary,
according to court documents filed last month in U.S.
Bankruptcy Court in Florida.
Even in the current economical situation, the debtor was
able to keep afloat and pay its vendors and creditors
timely, Jason A. Burgess, counsel for Vulcan Steel, wrote
in court documents. But American Express decided to cut off the
companys line of credit even though no payments
were missed or untimely, he wrote.
Without the line of credit, Vulcan Steel was forced
to file for bankruptcy, Burgess wrote.
Vulcan Steel listed both its estimated assets and estimated
liabilities at between $1 million and $10 million, per court
records signed by company chief executive officer Thomas E.
Fitzpatrick on Nov. 19. The company said it had between 50 and
Among the 20 largest unsecured creditors are metals-related
firms, including erector Florida Atlantic Ironworks Inc.,
Umatilla, Fla., owed $124,723; structural steel service center
Infra-Metals Co., Atlanta, owed $82,017; and Florida
Miscellaneous Steel LLC, Palm Coast, Fla., owed $26,798.