CHARLESTON, W.Va. -- Freedom Industries had $16 million in assets and $6 million in liabilities when it filed for bankruptcy last month, according to documents filed Monday.<\/p>\n
CHARLESTON, W.Va. -- Freedom Industries had $16 million in assets and $6 million in liabilities when it filed for bankruptcy last month, according to documents filed Monday. <\/p>\n
The company that fouled thousands of West Virginians' water with a chemical leak into the Elk River on Jan. 9, filed for Chapter 11 bankruptcy Jan. 17. <\/p>\n
Under the bankruptcy code, Chapter 11 permits a company to reorganize and continue operating. <\/p>\n
Freedom markets and distributes chemicals that are mixed by Poca Blending in Nitro. Etowah River Terminal is the storage facility on the Elk that leaked the chemical. It has about a dozen tanks, each of which can hold tens of thousands of gallons of chemicals. It was formerly a Pennzoil facility. <\/p>\n
According to the company's statement of financial affairs filed Monday, the company made $25.6 million between July 1, 2011, and June 30, 2012, through its sale of chemicals; $30.6 million between July 1, 2012, and June 30, 2013; and $19.6 million between July 1, 2013, through when it filed for bankruptcy last month. <\/p>\n
The Barlow Drive property, where the leak occurred, is valued at $976,493, according to the filing. It values its tanks at $8,000, the filing shows. <\/p>\n
Freedom had $5.3 million in inventory Dec. 31, when it was last calculated, the filing states. Freedom has a $320,000 federal tax lien, according to the filing. <\/p>\n
Freedom is holding calcium chloride in its Etowah Terminal facility for Tetra Performance Chemicals, of Dallas, Texas. <\/p>\n
Freedom has more than $1 million worth of machinery and more than $5 million in inventory. It stores nearly $400,000 worth of parts at its Beckley facility on Holy Lane. <\/p>\n
<\/p>\n
See more here: <\/p>\n
Freedom provides more details in bankruptcy filing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" CHARLESTON, W.Va. Continue reading