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.