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

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

More Events