Plastic Engineering Solutions Inc. a sheet extruder and shape and profile distributor in Lakeland, Fla. plans to exit bankruptcy within the next 30 days.
In an Aug. 19 phone interview, PES President and owner Brian Brandt said his firm's business was always financially sound, and that its June 25 bankruptcy filing was a result of banks not renewing the firm's short-term loans as they had done many times in the past.
The banks advised us to file for bankruptcy, Brandt said. They said that if we filed, they'd be able to be reimbursed by government programs.
We haven't had to lay anybody off, and our sales are on track to be up 30 percent this year.
In the Chapter 11 filing made June 25 in U.S. Bankruptcy Court in Tampa, Fla. PES listed assets valued at between $500,000 and $1 million, and debts of between $1 million and $10 million. The firm's largest unsecured creditor is Synovus Bank of Tampa, which is owed $300,000.
PES Inc. reported sales of $2.2 million in 2008, up from sales of $1.9 million in 2007. The firm's U.S. product mix includes acrylic and polycarbonate sheet and PVC foam. It also distributes to South America, Central America and the Caribbean region.
Brandt said PES has enjoyed recent success with its Foamacell-brand line of foamed sheet based on post-consumer recycled PVC. He added that the eco-friendly product has allowed his firm to capture a substantial market share in the trade show display market.
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