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Archive for Monday, February 16, 2004

Plant plans to stay open through bankruptcy

February 16, 2004

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— A plant that is home to the world's largest hot-dip galvanizing tank said it planned to stay open during the Chapter 11 bankruptcy process.

Ken Wasserman, an attorney for A-Plus Galvanizing, announced Friday that the company would file for bankruptcy, but Wasserman also said the plant's large tank could help A-Plus return to financial solubility.

A-Plus Galvanizing opened in 2000 with an 82-foot-long, 10-foot-wide, 12-foot-deep dipping tank for galvanizing very large pieces of steel in one dip.

"There's a number of projects that only this plant is capable of galvanizing because only this plant has a kettle of sufficient size," Wasserman said.

The company is $1.5 million in debt to several companies that leased equipment.

Chapter 11 bankruptcy will allow A-Plus to keep its assets so it can continue production. Wasserman said the company could take five years to reorganize its finances, depending on its cash flow.

The plant currently employs 58 workers.

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