06 Aug2014
Written by CFB Blogger. Posted in Blog
The
Waterville Window Co. of Winslow, Maine, which had been in business for more than six decades, has recently filed for Chapter 7 bankruptcy in
U.S. Bankruptcy Court in Bangor, Maine, with liabilities of over $813,000 and assets of only $54,000.
According to an article in the
Portland Press Herald by Edward D. Murphy, the window company’s bankruptcy filing lists its main secured creditors as
TD Bank and the
Kennebec Valley Council of Governments. Unsecured creditors include
Veka, a company in Pennsylvania that fabricates vinyl windows, and
Maine Innovations, a company that Waterville Window owner Donald Shirley started earlier this year, which sells fences, railings and furniture.
BRT Extrusions, Inc. also has a non-priority claim against the window company. All told, the window company has approximately 30 creditors reports Catherine Kavanaugh for
Plastics News.
Last year, Waterville Window showed $2.1 million in gross receipts, according to bankruptcy documents. At the end of 2012, eight of the firm’s 21 employees were let go; Shirley stated that sales had decreased by more than $1.5 million over a three-year period. His new company, Maine Innovations, an unsecured creditor in the bankruptcy case, is reportedly the new focus of Shirley’s business acumen.
In their Chapter 7 bankruptcy filing, Waterville Windows lists their assets as two trucks worth a total of $23,500 and office equipment worth slightly more than $30,000.
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