Millville glass firm files Chapter 7 bankruptcy

Precision glass mold manufacturer R.D. King Inc. has entered Chapter 7 bankruptcy. The family-owned firm, which once employed 25 people, voluntarily filed a petition Oct. 9, 2002, with U.S.

Bankruptcy Court in Camden.

Bridgeton attorney John Casarow, the court-appointed trustee for R.D. King, said 20 creditors filed claims with the court. The firm's assets were sold on Jan. 9.

The bankruptcy means a freeze of at least two civil lawsuits against the company. Litigation against company President Richard D. King is proceeding, however.

Fleet National Bank filed suit against the company and King on Aug 7, 2002, in county Superior Court. The suit claimed that principal and interest on a 1996 loan were overdue.

On Jan. 27, Judge Michael Fisher granted a $138,848.87 judgment against King.

In addition, Woodstown National Bank filed suit against the company and King on Oct. 22, 2002.

Woodstown National is seeking repayment of the outstanding balance of a $50,000 loan issued to the company last August. Interest and legal costs have run the balance to $68,736.25, according to court papers.

Casarow said a first meeting of creditors was held Nov. 1. The court has not scheduled further action.

R.D. King operated from a leased facility at 2702 W. Main Road.

King, who resides in Fairfield Township, declined to comment through his lawyer.

Bridgeton attorney Terry Tucker said the downturn in the economy hurt the firm.

600450 Millville glass firm files Chapter 7 bankruptcy glassonweb.com

See more news about:

Others also read

Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.

Add new comment