Indutech Bankruptcy
by June 2, 1997 12:00 am 132 views
Indutech, a Fayetteville company that makes control boxes for telecommunication towers, has filed for bankruptcy. The Chapter 11 case was filed May 6, but the bankruptcy court granted the company an extension for filing all the necessary documentation.
The preliminary filings, however, list company president James Penny as the largest creditor – $67,000 for loans. Other creditors on the list came in at considerably lesser amounts: Horizon House Publishing of Norward, Mass., for $13,000, Benlon Sheet Metal of Bohemia, N.Y., for $10,000 and Federal Express for $5,600.
Indutech moved to the Fayetteville Industrial Park in 1994, and the city pledged up to $22,000 to install water and sewer lines for the company, but the bill reportedly came in at only about $12,000.
Chapter 11, of course, provides protection from creditors while the debtor reorganizes its debts. Indutech’s attorney, Robin Pace of Bentonville, says a dispute with the Internal Revenue Service led to the bankruptcy and officials hope to reorganize quickly.