A Louisville producer that serves aviation businesses has filed for Chapter 11 financial disaster safety.
Louisville-primarily based S.T.A.P. Industries Inc. Made a filing in U.S. Bankruptcy Court for the Western District of Kentucky in advance this month. The filing indicates that the organisation has fewer than forty nine creditors and has belongings and liabilities of between $500,001 and $1 million.
S.T.A.P. Industries became founded in 1984 by way of Tom Wolz, who still owns it today. It offers aviation gadget tooling, cargo coping with device upkeep and manufactures floor support equipment, in line with its internet site. Wolz changed into reached for this report but declined to comment. S.T.A.P. Industries is based totally on Downes Terrace, now not some distance from Louisville Muhammad Ali International Airport.
Louisville-based totally Stock Yards Bank holds a mortgage on the actual property and personal property that S.T.A.P. Industries owns, in line with the filing. The court lately granted an order that allows the business enterprise to apply the coins it has to continue running — as a minimum through June 28. Stock Yards had objected to this, pronouncing that S.T.A.P. Owed extra than $230,000 and had now not made a price considering the fact that July 2017.
Court documents indicate S.T.A.P. Is trying to promote its property.
Stock Yards made note of this in a filing, which stated the bank labored with S.T.A.P. For extra than a 12 months to permit it to sell earlier than foreclosing on a loan it had taken. The court order that permits it to apply cash says that if S.T.A.P. Doesn’t have a deal lined as much as promote its property earlier than July 31, the company will preserve the services of an auctioneer to eliminate belongings.
The Stock Yards submitting notes that S.T.A.P. Has projected income of $19,236 and costs of $thirteen,994 every month.
David Cantor, an legal professional at Seiller Watermann LLC who represents S.T.A.P., could not be reached for comment. This tale may be up to date.