By: Michael Lauzon
March 8, 2012
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.