CHICAGO Hawaiian steel framing fabricator Atlas Steel Corp. has filed for Chapter 11 bankruptcy protection, citing assets of $58,750 and debts of more than $2.12 million.
The Honolulu-based company listed nearly $1.34 million in unsecured claims, including back rent and shareholder loans, according to the petition filed Wednesday in U.S. Bankruptcy Court in Hawaii.
Atlas had income from its operations of $172,149 last year, down 23.6 percent from 2011 income of $225,359, according to the filing.
The petition listed no inventory, and the bulk of its assets consist of a roll-forming machine valued at $50,000. The companys banker, BBCN Inc. in Honolulu, holds the only secured claim, valued at $690,000, and is attempting to seize the roll-forming machine. A hearing on the matter was scheduled for Thursday.
The company fabricates steel for residential construction projects, including military housing, and for such commercial building projects as hotels and retail stores, according to its website.
The company could not be reached for comment Thursday.