Even though it was bought out by another company six years ago, the largest maker of coated paper in the country filed for bankruptcy this month.
According to the Chapter 11 bankruptcy papers filed in Delaware last week, the company is in serious debt. It lists $3.4 billion in assets and $4.2 billion in debts as of June 2011, an all-time low for the company that reportedly stopped recording profits in 2006. The company provides paper in different formats, including paper for coupons, magazines, commercial printing and newspapers. While it is based in Ohio, it operates paper mills in multiple states, including Maryland, Michigan, Kentucky, Maine and Minnesota.
The company claims that a reduced demand for paper products, when combined with increasing prices for pulp and chemicals, are the primary reasons behind the Chapter 11 filing. In the three months prior to June alone, the company experienced a loss of $132 million.
Are you planning to file for Chapter 11 due to economic hardships? If so, contact the Malaise Law Firm now to enlist the services of a San Antonio bankruptcy lawyer who can oversee all the legal elements of your case on your behalf.