NORTHERN CLARK CO. EMPLOYER PLACED UNDER RECEIVERSHIP
Thursday, May 20th, 2010 -- 9:46 AM
A big northern Clark County employer has been turned over to a receiver as they struggle to stay in business.According to court records, Clark County Circuit Court Judge Jon Counsell named a Milwaukee law firm the receiver over Midwest Aluminum. At last check, the company employed around 70 at their plant in Withee.
According to their website, they extrude and fabricate aluminum.
According to court documents, the company owes around $5-million, plus interest, to Nicolet National Bank and Integrity First Bank. They have outstanding payments of $1.7 million and long-term liabilities of $535,000. Their debts far exceed their assets of around $5-million.
Under the restructuring, a 3rd party consultant will operate the business on behalf of the receiver. The receiver reserves the right to retain the employees at their current wages.
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