Several trucking and logistics organizations are collectively owed hundreds of countless numbers of pounds just after a 101-calendar year-previous specialty glass fabricator and its subsidiaries ceased functions and filed Chapter 7 personal bankruptcy in mid-July.
The taking care of entity, Consolidated Glass Holdings Inc., lists the assets for all of the companies as among $100,000 and $500,000 and its liabilities as concerning $50 million and $100 million. Soon after administrative costs are paid, no money will be accessible for unsecured collectors of CGH and its subsidiaries, Neil Minihane, chief restructuring officer for CGH, said in bankruptcy filings.
CGH and its affiliate marketers were being acquired by CGH CAM Holdings, which integrated customers of CGH’s senior administration workforce, and financial investment company Czech Asset Management LP and its affiliate marketers, in June 2020.
In accordance to the individual bankruptcy filings for CGH and its subsidiaries, SJC Onshore Immediate Lending Fund III-4, managed by Czech Asset Management, is detailed as the only secured creditor and statements it is owed extra than $85 million.
In its petition, Pennsylvania-primarily based J.E Berkowitz (JEB) has up to 999 creditors. The former relatives-owned enterprise, which was launched in 1920, sold its shares to CGH, the financial investment arm of personal equity firm Gray Mountain Partners, in 2016, prior to the 2020 acquisition by CGH senior administration and Czech Asset Administration.
Amongst the glass fabricator’s leading 20 unsecured lenders are various trucking and logistics companies, such as R & R Specific Inc. of Cleveland, owed much more than $62,000 Epes Logistics Expert services of Greensboro, North Carolina, owed almost $25,000 and Xpedite Products and services of Sapulpa, Ohio, owed just about $11,000.
Other unsecured collectors include a few leasing organizations: Miller Truck Leasing of Lumberton, New Jersey, owed nearly $750,200 Penske Truck Leasing of Philadelphia, owed practically $23,000 and Nets Trailer Leasing of NJ, headquartered in Burlington, New Jersey, owed about $9,500.
8 months right after CGH changed ownership, the firm declared it was furloughing somewhere around 200 personnel at JEB, headquartered in Pedricktown, New Jersey, in February.
In a assertion, CGH officers stated that delays and disruptions to its workforce thanks to the COVID-19 world-wide pandemic took a sizeable toll, forcing the organization “to suspend manufacturing operations at JEB.”
Columbia Professional Creating Solutions
Also in February, CGH introduced it was “winding down functions” at its subsidiary, Columbia Commercial Setting up Products, in Rockwall, Texas.
JEB and Columbia Industrial Building Items ended up element of CGH’s architectural division.
Among the its record of 83 unsecured lenders are Bedrock Logistics of Dallas, owed approximately $54,000 Wright Express Fleet Providers of Carol Stream, Illinois, owed a lot more than $16,000 and Estes Freight Lines of Richmond, Virginia, owed approximately $7,400.
Shaw Glass Holdings
In its Chapter 7 petition, Shaw Glass Holdings, executing business as Solar Seal Massachusetts, states that it has extra than 850 unsecured collectors. Among the the prime 20 are quite a few trucking and logistics companies, such as Nationwide Logistics of Cincinnati, owed far more than $13,150 Mixed Transport of Central Point, Oregon, owed approximately $13,000 and Epes Logistics Assistance of Greensboro, owed approximately $5,800.
The enterprise also lists these types of big carriers as ABF Freight Devices of West Bridgewater, Massachusetts, FedEx Freight of Pittsburgh and UPS Source Chain Answers of Chicago amid its unsecured collectors. Nevertheless, the amounts have been not incorporated in its individual bankruptcy filings.
Previous workers file go well with, alleging Alert Act violations
In late March, former staff submitted a proposed course-action lawsuit in opposition to JEB, Consolidated Glass Holdings and Czech Asset Administration. The criticism states that the organizations unsuccessful to present staff at their Pedricktown glassmaking facility with its far more than 100 complete-time personnel with at least 60 days’ discover of a pending closure as essential right by the federal Worker Adjustment and Retraining Notification (Warn) Act and New Jersey’s Millville Dallas Airmotive Plant Task Decline Notification Act.
Former JEB staff members stated they were being at first furloughed in early February and forever lost their positions a minimal above a month afterwards.
A creditors’ assembly for CGH and its subsidiaries is scheduled for Thursday in Wilmington, Delaware.
See associated articles:
Trucking, logistics corporations owed thousands right after freight forwarder documents Chapter 7
Ohio transportation business, 3 trucking affiliate marketers file for Chapter 11 bankruptcy
Illinois trucking firm with record of HOS violations information Chapter 7
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