Web Press Corp. Files for Bankruptcy Reorganization
Rosenberg, Jim, Editor & Publisher
Web Press Corp. in Kent, Wash., filed for protection in U.S. Bankruptcy Court for the Western District of Washington last week. The decision to reorganize under Chapter 11 of the U.S. Bankruptcy Code was taken following a special board meting in late May.
Founded 42 years ago as Web Press Aid, Web Press Corp. initially rebuilt and repaired web-fed printing equipment but soon designed its own press, which it began making in 1972. The company is known for its compact four-color Quad-Stack, used by small to mid-sized newspapers and commercial printers. A small portion of its business is still in used equipment.
The petition estimates assets between $1 million and $10 million and liabilities in the same range.
The company's 20 largest unsecured claims amount to more than $1.5 million. Among creditors holding those largest unsecured claims is pressroom ancillary equipment manufacturer Jardis Industries, Itasca, Ill. Others creditors familiar to newspapers include Essex Products Group, DYC Supply Co. …