A multi-generational company has been forced to file for bankruptcy after decades of business. Last week it petitioned to have its Chapter 11 bankruptcy converted into a Chapter 7 bankruptcy filing based on its current financial situation and outlook. Fred Hill Materials has been selling concrete materials for over 66 years to customers in the Olympic and Kitsap Peninsulas. The company, which once boasted 130 employees, has already closed for business. Founded in 1946 by Fred Hill, it was continued by his grandsons with success until 2009. At that point, the company owners sold the gravel mining and sand pit portions of their business to another company and filed for reorganization bankruptcy.
The company was able to keep its offices open during the reorganization period, but soon realized that the business would not be able to manage its debts under Chapter 11 bankruptcy. The organization petitioned to have the bankruptcy converted to Chapter 7, a motion which is expected to be heard and decided upon later this month. Do you have questions about Chapter 7 or Chapter 11? Learn which bankruptcy may be best for you by contacting the Malaise Law Firm to speak with a San Antonio bankruptcy attorney from our office!