CHICAGO Steel fabricator and erector Vulcan Steel has filed for Chapter 11 bankruptcy protection, listing steel suppliers and service providers among its biggest unsecured creditors.
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 99 creditors.
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.