CHICAGO Two Revstone Industries LLC subsidiaries have filed for Chapter 11 protection in U.S. Bankruptcy Court in Delaware, listing metal suppliers among their largest unsecured creditors.
Lexington, Ky.-based Greenwood Forgings LLC has estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million, according to documents filed Jan. 7 and signed by company chairman George S. Hofmeister.
Greenwoods largest unsecured creditor is Sapa Industrial Extrusion, Cressona, Pa., which is owed $552,568, according to court records. Sapa Industrial Extrusion is a division of Rosemont, Ill.-based Sapa Extrusions North America, part of Swedish aluminum extruder Sapa AB. Other top unsecured creditors include Hillsdale Hourly Pension Plan, Versailles, Ky., owed $251,565, and Kiertech Enterprises, Tavares, Fla., owed $167,253.
Also filing for Chapter 11 bankruptcy protection was U.S. Tool & Engineering LLC, which has assets of between $500,000 and $1 million and liabilities of between $1 million and $10 million, according to documents also dated Jan. 7 and signed by Hofmeister, who is listed as chairman of U.S. Tool & Engineering.
The largest unsecured claim against U.S. Tool & Engineering is held by Boston Finance Group LLC, which is owed more than $4.5 million. Die firms holding unsecured claims include Precise Engineering Corp., owed $104,000, Superior Die Set Corp. (owed $89,317) and Riviera Tool LLC (owed $73,486). Also holding unsecured claims are Integrity Steel Co., owed $43,283, Dietech Tooling Solutions (owed $42,407) and distributor Peerless Steel (owed $22,333).
Lexington-based Revstone Industries, a manufacturer of cast and formed metal components, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Delaware on Dec. 3. The company is based in Lexington but registered in Delaware (amm.com, Dec. 17).
Revstone acquired Greenwood from Kaiser Aluminum Corp. in 2010 in a deal valued at $4.8 million (amm.com, Aug. 5, 2010).