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
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