Rotomolder Park Plastics files for reorganization

By Michael Lauzon
Correspondent

Published: March 8, 2012 6:00 am ET

Related to this story

Topics Rotomolding

FORT WAYNE, IND. (March 9, 2:10 p.m. ET) — Rotational molder PLS Inc., dba Park Plastics Products, has until July 19 to file a plan of reorganization under Chapter 11 bankruptcy.

The Fort Wayne-based firm voluntarily declared Chapter 11 on Feb. 22, according to records in the U.S. Bankruptcy Court. It has 63 creditors, the biggest being First Merchants Bank NA of Fort Wayne, which is owed $513,440.50. Other sizeable creditors include rotomolder Norwesco of St. Bonifacius, Minn., which is owed $149,707 and plastics distributor Total Plastics Inc. of Chicago, owed $50,032.72, public records show.

PLS continues to operate as debtor in possession. A hearing will be held in court for the Northern District of Indiana on March 19 for the use of cash collateral to continue operating the business.

PLS owner Peter Sorg declined comment on the status of his company. The firm states on its website that it makes a range of plastic storage tanks, dip tanks, baffle balls, polyethylene flanges and custom fabrications.

PLS’s first meeting of creditors will be held March 21. Non-governmental creditors are to provide proof of claim by June 19.

Court records state PLS has debt between $1 million and $10 million and assets between $100,001 and $500,000. PLS stated in its court filing that it expects funds will be available to unsecured creditors.

Fort Wayne law firm Skekloff, Adelsperger & Kleven LLP is representing PLS in the case.


Comments

Rotomolder Park Plastics files for reorganization

By Michael Lauzon
Correspondent

Published: March 8, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Storage tank maker goes public in Mexico

December 10, 2014 3:14 pm ET

Grupo Rotoplas SAB de CV is hoping to raise $250 million through the stock offering.    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events