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Recycler Hayes Iron & Metal seeks Chapter 11 protection

Keywords: Tags  Hayes Iron & Metal, Chapter 11, bankruptcy, scrap, Nathan Laliberte

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.

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