Yesterday, Iron Bridge Tools, Inc., a full-service design, development, and distribution company serving the consumer and professional hand-tool market, filed for Chapter 11 bankruptcy protection in Fort Lauderdale (Case No. 16-17505-RBR).
Among the 20 largest creditors are ZheJiang Everpower ($9,885,335.75), Everpower Group Co., Ltd. ($2,800,000), Meridian Int'l Co. ($1,274,057.43), True Value ($490,805.42), Retract-A-Bit ($396,658.22), Packaging Corporation of America ($200,948.57) and Southeast Computer Solutions ($156,193.75).
Iron Bridge as estimated that it has $1 – 10 million in assets and $10 – 50 million in liabilities. As the Debtor has not filed its Schedules, Statement of Financial Affairs or Chapter 11 case summary yet, little other information is currently available.
As general unsecured creditors are generally the last-in-position to be paid according to the payment scheme provided under the Bankruptcy Code, they may benefit from monitoring the debtor's case and/or consulting an attorney regarding their claim.
Unsecured creditors in any Chapter 11 case, including Iron Bridge Tools, should know the answers to the following questions (among others) and take action where appropriate:
1) Is my claim affected by any "first-day motions"?
2) When is the "meeting of creditors" and should I attend?
3) Is my claim properly listed on the Debtor's Schedules?
4) Has the Debtor listed my claim as disputed, unliquidated or contingent
5) Am I entitled to priority payment?
6) Do I have any reclamation rights?
7) When is the deadline to file a proof of claim?
8) Do I want to serve as a member on any creditors' committee that is formed?
We will explore these issues further in my future blog posts.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
