The company potentially hurt the most by Dlubak Corp.’s recent bankruptcy filing has taken steps to try to recoup as much of the money owed it as possible.
Chicago-based Curbell Plastics is owed nearly a million dollars by Dlubak Corp., the cash-strapped, Blairsville, Pa.-based supplier of security glass and architectural flat and bent glass laminates that filed for Chapter 11 bankruptcy protection last week, according to papers filed with the U.S. Bankruptcy Court of the Western District of Pennsylvania.
Erie, Penn.-based attorney Lawrence Bolla will represent Curbell Plastics at Friday morning’s hearing in which Judge Jeffrey A. Deller could approve Dlubak Corp.’s proposed plan to sell all of its non-real estate assets to Grey Mountain Partners Fund II LP for $2 million.
Should the proposed deal go through, the rest of Dlubak Corp.’s remaining assets would go up for auction in an effort to save jobs and appease creditors, according to papers filed on behalf of the company by attorney Steven Shreve. The deal must be first approved by the court.
Curbell Plastics is seeking a request “for notice of all pending and future matters” in regards to the case, according to court records filed Tuesday. Representatives for Grey Mountain Partners will also be present to answer any potential questions, court records show.
Efforts to reach either Bolla or Shreve were unsuccessful. Representatives of Grey Mountain Partners could not be reached for comment.
Dlubak Corp. initially filed for bankruptcy last week, listing more than 200 creditors, including PPG Industries, Quanex, Trulite, Intertek, Allmetal, Bayer, Bottero Inc., Bystronic, C R Laurence Co. and Glaston America Inc. among others. Curbell Plastics is the by far the biggest creditor, with Dlubak Corp. owing it more than $905,000 according to court records.
PPG Industries (nearly $412,000) is among the seven companies overall owed more than $100,000 by Dlubak Corp.
Dlubak Corp.’s estimated assets and estimated debts are both listed between $1 million and $10 million, according to court records.
Frank Dlubak attributed his company’s cash flow problems to a “substantial decrease” in sales in the three years prior to the petition filing, as well as general economic conditions and an industry-specific decline, according to court documents.
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