Hardcore Composites Operations LLC has filed for Chapter 11 bankruptcy protection.
The New Castle, Del., company, which makes fiber-reinforced components for infrastructure applications such as bridge decks and marine pilings, filed June 18 in U.S. Bankruptcy Court in Wilmington, Del.
``Hardcore has a business plan that will allow it to move forward,'' said the firm's lawyer, James Huggett. ``Operations will be enhanced and helped, rather than hurt.''
The Chapter 11 filing was necessary because of a failed joint venture that involved work on the Bronx-Whitestone Bridge in New York, Huggett said. The litigation involves plaintiffs unrelated to the plastics industry.
Hardcore was formed by DuPont Co. in 1989. Scott Hemphill, Hardcore president, bought the company in 2002.
By the end of the summer, Hardcore will downsize from a leased, 108,000-square-foot site into a 50,000-square-foot facility in the New Castle area.
``What they are doing and what they want to do does not require 108,000 square feet,'' Huggett said in a June 29 telephone interview.
Hemphill said Hardcore is involved in many projects, including wind fairings for the Cooper River Bridge in Charleston, S.C., and a bridge project for the state of Iowa.
``We're not going away,'' he said in a June 30 telephone interview. ``We're still chugging along. [But with] this joint venture and the outfalls from the project - we're not a huge company and we couldn't absorb the hit.''