Creditors of bankrupt pipe extruder Imperial PlasTech Inc. will meet Feb. 17 in the Toronto offices of the firm's trustee, RSM Richter Inc.
RSM Richter said Imperial PlasTech has filed a proposal under Canada's Bankruptcy and Insolvency Act. The trustee said the meeting only involves creditors of Imperial PlasTech, not creditors of affiliated companies Imperial Pipe Corp. and Imperial Building Products Corp.
A year ago, RSM Richter was appointed interim receiver and manager for Imperial PlasTech and affiliated companies at the request of Chevron Phillips Chemical Co. LP and Toronto law firm Gowling Lafleur Henderson LLP.
Imperial PlasTech began experiencing financial problems several years ago. In 2002 it ended a partnership with a hose maker in Greece. It then sold its Peterborough, Ontario, assets at auction and converted its Atlanta operation from a pipe business to one making plastic-wood composites.