Even though the business is winding down, it will remain under Chapter 11 proceedings<\/p>\n
CHARLESTON, W.Va. -- A few days after a bankruptcy hearing where Freedom Industries announced the company is winding down its business, the company is due back in court for a creditors' meeting. <\/p>\n
This meeting, which is scheduled for 10 a.m. Tuesday, is the next step in Freedom Industries' bankruptcy proceedings. <\/p>\n
Attorneys said company president Gary Southern and chief financial officer Terry Cline will testify in this hearing since they testified at the hearing on first-day motions. <\/p>\n
Freedom Industries filed for Chapter 11 bankruptcy on Jan. 17, following the Jan. 9 discovery of crude MCHM leaking into the Elk River. <\/p>\n
Lawsuits against the company are still on hold, but attorney Anthony Majestro said discussions about lifting the stay are ongoing. <\/p>\n
\"I think everyone recognizes that the course Freedom is on was inevitable following the Jan. 9 spill,\" he said following Friday's hearing. \"The parties and the bankruptcy court are doing their best to balance competing interests in Freedom's resources.\" <\/p>\n
In Friday's hearing, Freedom Industries' attorneys announced the company would scale back its business and may cease to exist at some point in the future. <\/p>\n
Freedom's attorney Mark Freedlander said the company is culling its inventory, transitioning its customers to competitors and trying to transition employees to existing vendors or competitors. <\/p>\n
Although the business is winding down, attorneys said the case is not converting to Chapter 7 bankruptcy, or straight liquidation, and will remain under Chapter 11 proceedings. <\/p>\n
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Freedom executives due in court Tuesday for creditors meeting<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Even though the business is winding down, it will remain under Chapter 11 proceedings CHARLESTON, W.Va. -- A few days after a bankruptcy hearing where Freedom Industries announced the company is winding down its business, the company is due back in court for a creditors' meeting Continue reading