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Prominent concrete company files for Chapter 7

In recent business news, a well-known concrete company has closed its doors, citing heavy debt loads. South Carolina contractors may have heard of Ojibwa Ready Mix, an out-of-state company specializing in concrete products. The firm is seeking to liquidate its remaining assets under Chapter 7 bankruptcy

According to the filing, the company lists a mere $42,000 in assets against more than $1.5 million in debt owed to the Central States Pension Fund. This pension fund is one of the nation's largest, supporting roughly 70,000 active Teamsters and an additional 340,000 retirees. Unfortunately, the debt owed by Ojibwa to the Fund is unsecured, which means that Central States does not have leverage to defend the owed amount. 

Ojibwa closed its doors in November, according to the filing. It is unclear what generated the extreme amount of debt the company now faces, particularly since their yearly revenue for the last three years has hovered around $1 million per year. It has been suggested that the impact of the recession may have played a role in Ojibwa's current situation, though that has not been confirmed. 

Moving forward with the Chapter 7 filing, the company's assets will be liquidated to help pay back Central States, though the assets remaining will not greatly influence the total due. South Carolina business owners recognize bankruptcy as being a challenging decision to which to come. However, in cases where debt has become thoroughly insurmountable through conventional means, it can sometimes be the most financially sound decision left to a business owner in a time of fiscal need.

Source: macroinsider.com, "Ojibwa Ready Mix files for bankruptcy", Dec. 27, 2014

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