Newspaper article St Louis Post-Dispatch (MO)
Mid America Brick Files for Bankruptcy
Mid America Brick & Structural Clay Products which sought to return the old A.P. Green plant in Mexico, Mo., to its former glory has filed for bankruptcy.
The company says a slowdown in construction projects after it opened in 2010 made it unable to meet sales and profitability goals.
Mid America, which is seeking to reorganize the business, has obtained financing through an affiliate of Advantage Capital Partners to operate during the bankruptcy, the company said in a statement.
In its Chapter 11 bankruptcy petition filed in federal court in St. Louis Friday, Mid America lists between $10 million and $50 million in estimated liabilities and between $1 million and $10 million in estimated assets.
During the bankruptcy process, Mid America will seek a strategic partner as part of an asset purchase transaction or a recapitalization, the Mexico, Mo.-based company said.
We have every confidence that Mid America Brick will emerge from this process a much stronger company, CEO Frank Cordie said in the statement. As the housing market continues to rebound and market conditions improve, MAB will be poised to become a leading provider of brick in the U. …