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By Catherine Kavanaugh
STAFF REPORTER
Published: July 17, 2014 2:14 pm ET
Updated: July 17, 2014 2:17 pm ET
Waterville Window Co. Inc., in Winslow, Maine, filed for Chapter 7 bankruptcy after 61 years in business, citing liabilities of $813,870 to about 30 creditors, including a couple of PVC extruders.
The window fabricator will cease operations and liquidate assets of $54,500 — a truck, van and office equipment — to pay down debt owed to four creditors, two of which are banks. Secured claims total $389,000.
Window profile extruder Veka Inc. of Fombell, Penn., has the largest unsecured claim of $111,000 after essentially repossessing $1,780 of product in February, according to the July 14 filing in U.S. Bankruptcy Court in Bangor, Maine.
BRT Extrusions, Inc., of Niles, Ohio, has a $2,800 non-priority claim against the window company.
In 2013, gross receipts for Waterville Window totaled $2.1 million, the filing says.
Last December, eight of the 21 employees were laid off. Owner Donald J. Shirley said window sales had dropped more than $1.5 million over a three-year period and he planned to focus on vinyl rails and fences, according to a report published last December by the Morning Sentinel.
Shirley announced the creation of a fencing company called Maine Innovations Inc. on the Waterville Window Facebook page on Jan. 10. He is listed as president on its website and the businesses have the same address.
Maine Innovations has a $73,500 unsecured claim against Waterville Window, according to the bankruptcy filing. | |
