FYI Crucible Materials Corp Files for Chapter 11

janekc

janekc

Joined
Dec 28, 2003
Messages
57
Specialty Metals Company Crucible Materials Corp Files for Chapter 11

Specialty metals company Crucible Materials Corp, Syracuse, N.Y., filed for Chapter 11 protection in a Delaware bankruptcy court on May 6, citing the continuing disruption in the U.S. automotive industry. The company, which derives a significant portion of its revenue from the automotive sector, said it witnessed a sharp drop in overall demand for its products in the fourth quarter of 2008, a trend which it says has continued into the first and second quarters of 2009.



Crucible listed assets and liabilities in the range of $100 million to $500 million in its bankruptcy filing. In documents filed with the court, Crucible said it employs about 1,000 people and has two primary manufacturing mills. The company also has 12 regional service centers and one research center.



The company was created in 1985 following an employee buyout from Colt Industries. Crucible Materials produces and supplies CPM steels, titanium powders, valve steels, corrosion resistant alloys, titanium aluminide powders, and tool steels. The company’s products include bearing steels, mold steels, composites, silicon aluminum, springs, tubing, agricultural steels, magnets, powder metallurgy, stainless steels, titanium base alloys, and titanium for use in the automotive, aerospace, and petrochemical industries. www.crucible.com
 
Chapter 11 isn't chapter 7. Hopefully they'll be okay.
 
Nathan the Machinist said:
Chapter 11 isn't chapter 7. Hopefully they'll be okay.
Click to expand...

Chapter 7 is personal bankruptcy, Chapter 11 is business. Chapter 13 is the good stuff where you pay off your debts (wage-earners bankruptcy).

There's a good chance that they'll come out okay, but their credit will suffer, and so will their production of our favorite knife steels.
 
okay... I was under the (mis) impression that 11 was bankruptcy protection and reorganization, 7 was liquidation.

fortunately, not my problem...
 
Nathan the Machinist said:
okay... I was under the (mis) impression that 11 was bankruptcy protection and reorganization, 7 was liquidation.

fortunately, not my problem...
Click to expand...

Chapter 7 is commonly used for personal bankruptcy. You have a mortgage you can't pay, 50k in credit card debt, out of a job for a year, with no skills. Under Chapter 7 you do liquidate almost everything. There are certain exemptions that are made, for example you can keep a car as long as it's under $1500, $200 worth of jewelry and personal items, etc.

Chapter 11 is commonly used for business bankruptcy. It is a reorganization plan that will pay it's creditors back over time.

The gist was right, but I don't think you (personally) can file for Chapter 11.
 
Businesses do go into Chapter 7 liquidation but it's usually after they try Chapter 11 and fail.
 
This country is in DEEP TROUBLE. Some think if a car manufacturer goes under so be it. The car company disaster will reak hell on MANY, MANY forms of business. Good old domino affect. Who ever imagined thing would come to this and we haven't seen the worse yet.
 
Last edited:
jll346 said:
The car company disaster will reak hell on MANY, MANY forms of business.
Click to expand...

You definitely have a point there. When GM closed its plant in Janesville, not only the GM employees got hosed, but also the folks working at an independent company down the road that made the seats for the trucks... who makes the batteries? Tires? Motors for the window roller-downer? Etc. etc...
 
I am in the market for a new vehicle, and am wanting to buy a chev truck, they just won't come anywhere close to ford for pricing.... I can get a new ford f150, pritty well outfited... for only a few more thousand than a basic chev colorado(the small one)... If I didn't like the colorado's so much I wouldn't even blink.
 
Problem with the Fords is they have that ugly birthmark on the grill - and everone knows what really lies under that (briefly) shiny paint.

Nobody makes minivan as good as Chrysler

Nobody makes as a good a pickup truck as chevy.

Nobody knows how to deny warranty and upsell repairs like Ford. Maybe that's why they are weathering the storm better. :rolleyes:

Ro b!

:D
 
Rob! said:
Problem with the Fords is they have that ugly birthmark on the grill - and everone knows what really lies under that (briefly) shiny paint.

Nobody makes minivan as good as Chrysler

Nobody makes as a good a pickup truck as chevy.

Nobody knows how to deny warranty and upsell repairs like Ford. Maybe that's why they are weathering the storm better. :rolleyes:

Ro b!

:D
Click to expand...
im a dodge guy and even i cant find a doge i would buy new sept for soem of the SRT stuff and that dont count for mass market

BTW best dam little truck ever 92-96 dakota (sadly they made them bigger and softer )
 
Looks like we are going to have to buy a bunch of Rob!'s cpm steel...
Wait, what was the thread about? :D
 
You must log in or register to reply here.
Back
Top