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Long-standing business files for Chapter 7 bankruptcy

A window maker that has boasted over six decades in the business has shut its doors, according to local business news. Waterville Window Co., Inc. has been servicing their local area for 61 years, according to company founders, but it has recently declared Chapter 7 bankruptcy. South Carolina residents may be interested to learn that the business owners have already started work on opening a new company focusing on other markets.

According to the bankruptcy paperwork filed with a federal Bankruptcy Court local to the business, Waterville has listed liabilities of almost $900,000 owed to approximately 30 creditors. Among these creditors are several banks and partner companies, including several window profile extruders. Of the total, $389,000 are secured claims.

The owner of the largest unsecured claim is window extruder Veka, Inc. at $111,000 owed. A second company also has an unsecured loan with Waterville totaling $73,500. Although Waterville filed for bankruptcy on July 19, a look at the company's Facebook page confirms the owners have announced the creation of a new company which will specialize in fencing. Company owners announced this shift, citing a drop in window sales over the last three years totaling roughly $1.5 million over that time.

Chapter 7 bankruptcy can be a valuable tool for a struggling business, as illustrated by this case. The owners of Waterville Window will liquidate the company' assets to help satisfy creditors while positioning themselves to reenter a more lucrative market. South Carolina business owners will agree this is definitely a positive step in the right direction for the owners of a company whose income can no longer sustain ongoing financial obligations.

Source: plasticsnews.com, "Window maker files Chapter 7 bankruptcy", , July 17, 2014

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