Our privacy policy has changed. By using this site, you agree to the Privacy Policy and Terms of Use. Dismiss

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

» Roundup of Memorial Day events in suburban Milwaukee and Lake Country 5/27

» Festival Foods proposal advances in Hales Corners with panel's support Updated:  5/26

» Warrior Dash obstacle course coming to The Rock Aug. 13 5/26

» 2 men sentenced in attempted carjackings in Greenfield, Oak Creek 5/25

» Classes resume at Franklin High School following evacuation Updated:  5/25

» Franklin High School wins awards for "Fiddler on the Roof" 5/25

» View some Art in the Park in Oak Creek May 28 5/25

» Boerner Botanical Gardens hosting Herb Fair May 28 5/24

» Greendale's Canterbury Elementary enters recycling contest to win new playground 5/24

» Oak Creek boys track team stays on task, win sixth SEC outdoor title 5/24

» Initial Reaction: Talking with star Waukesha soccer players Dani Rhodes, Emily Cervantes Updated:  5/24

» Franklin boys tennis team dominates SEC tourney 5/24

» Big bats land Oak Creek softball team SEC title 5/24

» Steady Franklin golfers claim Southeast Conference title 5/23

» Grease fire damages oven at Franklin bakery 5/20

» Five places to go to let your dog off the leash this summer 5/19

» Reptile Day returns June 12 at Wehr Nature Center 5/19

» Oak Creek stuns Whitnall, 12-2, in battle of softball powers 5/19

» Crash closes portion of Highway 100 in Hales Corners May 18 5/18

» Oak Creek approves $13 million financing help for Ikea store 5/18

» Franklin girls soccer team finishes second at Kiel tournament 5/17

» Why did IKEA choose Oak Creek? Location 5/17

» Oak Creek to honor veterans May 30 5/17

» Initial Reaction Podcast: A chat with award-winning sportscaster Dennis Krause Updated:  5/17

» Oak Creek's Marwin Evans signs with Green Bay Packers 5/14

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

Most Popular