NEW YORK North Carolina recycler Hayes Iron & Metal Inc. has filed for Chapter 11 bankruptcy protection, listing assets of $50,000 to $100,000 and liabilities of $10 million to $50 million.
The Providence, N.C.-based company listed unsecured claims in excess of $600,000, according to documents filed Feb. 5 in U.S. Bankruptcy Court in North Carolina. Many of the largest unsecured creditors listed in the petition are metal companies, including Roanoke, Va.-based Canatal Steel USA Inc. and Canton, Ohio-based Timken Co.
Hayes, which submitted a request to pay its workers pre-petition wages of $44,952 and payroll taxes of about $16,707, filed a motion to expedite hearings, indicating that delays would cause substantial losses to the estate and its creditors.
Hayes runs full-service ferrous and nonferrous recycling and salvage operations in four locations in North Carolina and Virginia.
The company did not return calls seeking comment.