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New World West Files for Chapter 7 Bankruptcy

Post Time:Dec 22,2011Classify:Company NewsView:223

 

New World West, an aluminum fabricator in Brea, Calif., filed for bankruptcy on December 17 in the Central District of California, according to court documents.

 

Ronald C. Green, who holds 25 percent ownership in the company and serves as president, filed the papers on behalf of himself and the other owners, Ben D. Mauser of Elkhart, Ind., who owns 50 percent of the company's equity, and Marla Green of Orange, Calif., who also owns 25 percent.

 

The company has between 50 and 99 creditors, estimated assets of between $50,001 and $100,000, and estimated liabilities of between $1,000,001 and $10 million.

 

Secured creditors' claims total $625,000 and unsecured priority claims total $885,400, with the company's debt totaling $1,510,400, according to court documents.

 

Asia Aluminum Manufacturing is the largest creditor, holding a secured claim of $575,000; and Adam Rite Manufacturing Co. is the largest creditor holding an unsecured nonpriority claim of $10,000.

 

Source: http://www.usgnn.comAuthor: shangyi

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