MIDWEST ALUMINUM CLOSING, COULD BE SOLD
Friday, May 28th, 2010 -- 1:01 PM
A northern Clark County manufacturer has announced it?s closing its doors, just a week after being placed in receivership. But, there could be some hope for their 55 employees.Midwest Aluminum, located in Withee, filed notice of plans to terminate employees and close its entire facility by July 26. 55
But, the company?s president told WAOW-TV in Wausau they plan to sell the plant.
He says this is the best option to get their creditors paid and preserve jobs.
As we reported last week, the company had rung up around $5-million in debt, plus interest, to Nicolet National bank and Integrity First Bank. They had outstanding payments of $1.7-million, with other obligations, totaling over $535,000. A judge granted the lenders? request to turn the company over to a third-party receiver, who was to hire a consulting firm to run the company.
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