Auto parts producer Epton Industries Inc. of Kitchener, Ontario, has gone bankrupt and was scheduled to have its first creditors' meeting Sept. 14. Epton President Bill Thomson said the company had not met financial obligations required under a creditors' proposal made in April 1993 when it had financial difficulties. Creditors were unwilling to extend the proposal and Epton was forced into bankruptcy Aug. 14.
Epton's plastics division extrudes auto body side moldings and injection molds automotive components. Thomson said it has technology to form end caps on extruded moldings and has color-matching expertise.
General Motors Corp. plants in the United States have been its major customers, Thomson said in a telephone interview. He would not disclose equipment details.
Epton continues to operate its plastics division to supply GM plants, but its rubber products division has been put up for sale. Thomson said the plastics division is likely to be sold after the creditors' meeting.
Price Waterhouse Ltd.'s office in London, Ontario, is trustee in Epton's bankruptcy. Account manager Steve Wilson said Epton's liabilities total about C$20 million (US$14.9 million), including debt under the creditors' operating proposal. Its assets were about C$11 million (US$8.2 million) on June 30 but probably were lower Aug. 14.
Thomson said major creditors include equipment lenders and nonbank financial lenders. He joined Epton in 1993 to try to help it improve its performance.