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.

Community Watch

» Oak Creek baseball team passes test with win over Homestead, 7-3 6/25

» Canterbury earns two School of Merit awards 6/24

» Oak Creek increases dog ownership limit from two to three Updated:  6/24

» Free Milwaukee Symphony Orchestra concert at Boerner Botanical Gardens 6/23

» Sandra Kulik to proceed Mike Weber as Hales Corners' Administrator 6/23

» Wounded Warrior now "The Chowventor" 6/22

» 2 arrested in suspected poaching at Whitnall Park 6/22

» Franklin Police arrest two suspects for poaching in Whitnall Park 6/22

» Hales Corners Library to host puppet show for summer reading program 6/22

» Watercolor paintings of nature on display at Botanical Gardens 6/22

» Hales Corners Board selects new administrator 6/22

» Oak Creek baseball coach Holler earns 300th win 6/21

» Oak Creek baseball team plays small ball to beat Menomonee Falls 6/21

» Rolling road forces bumpy review in Hales Corners 6/21

» Paul Ryan schedules stops in Franklin, Greendale, Hales Corners, Oak Creek 6/21

» Oak Creek's Summer Concert Series begins June 29 6/21

» Hales Corners Chamber of Commerce social to focus on "Millennial Mind" 6/21

» Wehr Nature Center invites community to count butterflies for NABA 6/21

» Splash pad gets off to a slippery start at Drexel Town Square 6/20

» Hales Corners to plant pollinator garden for first Bee City USA event 6/20

» New Greendale Public Library director announced 6/20

» Wehr Nature Center to host "Summer Solstice Social" 6/20

» Hales Corners Chamber of Commerce makes top 25 in Milwaukee area 6/20

» Boerner Botanical Gardens will host Run for the Roses, a 5k run/walk 6/20

» Missing endangered person rescued from sewer access box 6/17

View All Posts Got a tip? Welcome rss

Best Summer Ever

 

We've made it easy for you to get out and go this summer. From hitting the trails for a bike ride or walk, to where to find beer gardens in the area, to the best places to swim in Waukesha County to the best summer drinks and summer reads, check out our 2016 summer guide.

Advertisement

Advertisement

CONNECT    

Advertisement