NOW:53110:USA00949
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA00949
65°
H 86° L 64°
Cloudy | 7MPH

Cudahy steel fabricating firm goes into receivership

Rick Romell

Jan. 24, 2012

American Welding and Engineering LLC, a steel fabricating and machining firm in Cudahy with about 20 employees, has gone into receivership.

The company, which occupies a 70,000-square-foot plant at 6001 S. Pennsylvania Ave., filed for protection from creditors through receivership last week.

The firm is currently closed but may reopen, court-appointed receiver Michael S. Polsky said Tuesday. He said he is talking with customers and to at least six potential buyers of the company.

American Welding does work for heavy manufacturers, including the mining and railroad industries.

The company's present incarnation dates to 2006, but it appears to be linked to predecessor operations that go back to the mid-'50s. The Cudahy factory was built in 1965 by a company also called American Welding & Engineering.

The current firm owes $850,000 to Town Bank, Polsky said. The bank holds a lien on all of American Welding's assets, according to the receivership petition.

Besides the bank debt, the firm's other liabilities, as of October 31, totaled about $950,000, according to the petition.

Its assets, according to the petition, include accounts receivable and inventory with a book value totaling $1.3 million, plus equipment with an unknown value. Polsky said he is seeking updated information on the assets' worth.

Equipment, inventory and accounts receivable often bring less on the market than their book value.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.


Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.

Community Watch

» Initial Reaction Podcast: Just how much of a chance do the Wisconsin Badgers have? 12:00 PM

» Updated week three rankings of area prep football teams and players 10:20 AM

» Oak Creek's Shred Day returns Sept. 26 9/2

» Greendale approves new TIF for J.C. Penney's area 9/1

» Franklin earns bragging rights over Greendale in area showdown 9/1

» Milwaukee County Parks extends Oak Leaf Trail to OakView Business Park 9/1

» The Academy of Performing Arts to host 2nd annual 'Trunk or Treat' event 9/1

» Greendale High School reaches new ACT high 8/31

» Get interesting prep football tidbits and insights with 'First and Short' blog 8/28

» Franklin football team emphatic in 37-0 rout of area rival Greendale 8/27

» Greendale Education Foundation announces new calendar raffle fundraiser 8/27

» Greendale's Park and Recreation holds contest for new logo 8/27

» Reiman Chapel in Franklin to host blessing, tour for public 8/26

» Young Oak Creek football team makes impression with rout of Falls 8/25

» Greendale police searching for strong-arm robbery suspect 8/25

» Greendale man killed in Washington County crash Updated:  8/25

» Oak Creek man killed in Sauk County traffic accident 8/25

» Oak Creek tennis team wins South Milwaukee Invite 8/25

» Oak Creek community buries time capsule at future city hall 8/25

» Oak Creek-Franklin School Board receives voter approval to add two more seats 8/24

» Oak Creek-Franklin School District approves preliminary budget, calls for tax rate increase 8/24

» Tickets now available for Oak Creek's Pig and Chicken Roast 8/24

» Franklin shows its special qualities 8/21

» Youthful Oak Creek football team impresses in 26-0 win over Falls 8/21

» Honeywell volunteers help repair Greendale veteran's home 8/21

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Local Business Directory

CONNECT    

Advertisement