CHICAGO--(BUSINESS WIRE)--LB Steel, LLC (d/b/a Concord Steel and Topeka Metal Specialties) announced that on October 18, 2015 it filed a voluntary petition for chapter 11 business reorganization in the United States Bankruptcy Court for the Northern District of Illinois, Case No. 15-35358, following an adverse ruling in a decade-long legal dispute with Walsh Construction relating to the construction of a canopy and curtain wall at the O’Hare International Airport. The company has been in discussions with several parties regarding the sale of its business and intends to use the chapter 11 process to conduct an orderly marketing and a going-concern sale of substantially all of its business assets pursuant to section 363 of the Bankruptcy Code.
LB Steel is operating normally, processing and completing orders in the ordinary course, and all other operations are business as usual. Likewise, throughout the chapter 11 process, LB Steel expects to continue to:
- Serve our customers with the highest quality of service;
- Provide employee wages, healthcare coverage, vacation, and other benefits, without interruption; and
- Pay suppliers for goods and services received during the reorganization process.
“As a result of expending significant amounts to defend the Walsh Litigation and the threat of Walsh enforcing its judgment, LB Steel determined that it was unable to continue its business operations without filing for relief under chapter 11 of the Bankruptcy Code. LB Steel’s management has concluded that the most effective way to preserve our longstanding customer and vendor relationships, continue shipments to our customers and maintain the company’s working capital to meet its obligations is to sell the company’s assets as an going concern,” says LB Steel’s President, Michael Goich.
LB Steel has hired Patrick O’Malley of Development Specialists, Inc. as its Chief Restructuring Officer and the company is being advised by Perkins Coie LLP. All media inquiries should be directed to Daniel A. Zazove, Esq., Perkins Coie LLP at (312) 324-8605.