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New World West Files for Chapter 7 Bankruptcy By Sahely MUkerji, smukerji@glass.com 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. Subscribe to USGlass magazine. |
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