Bankruptcy

Westminster Ceramics, LLC FIles Chapter 11 In Northern District Of Georgia, Will Liquidate

By Scott Riddle

Westminster Ceramics, LLC, (dba "BananAppeal" and "Innercore"), based in Stone Mountain, filed a Chapter 11 petition in the Northern District of Georgia on November 14, 2008. In re Westminster Ceramics, LLC, Ch. 11 Case No. 08-83408 (Bankr. N.D. Ga.).  Click here for the 20 largest Unsecured Creditors, which includes several unsecured claims in the millions of dollars.  Troutman Sanders represents the company in the Chapter 11 case.

According to a Motion to Extend Time to File Schedules, the company is "a manufacturer, importer and distributor of decorative ceramic tile and natural stone products,and supplies "local, regional  and national tile distributors, various retailers, and national “home centers” such as The Home Depot and Lowes Corporation." 

Also according to the Motion, the company is yet another victim of the depressed building industry:

The Debtor suffered erosion in sales due to the decline in the housing and home improvement channels, demands for significant price decreases by several of its key customers and increased foreign competition. The Debtor also concurrently experienced increases in operating costs as a result of increased distributed product costs, rising fuel costs and unfavorable exchange rate variances. These factors resulted in significant losses to the Debtor, which it was unable to fully ameliorate in spite of substantial cash infusions from its investor group, sales and cost-saving initiatives.

The firm’s practice focuses on bankruptcy and litigation. Scott has represented Chapter 11 debtors, creditors, trustees and other interested parties in bankruptcy cases and bankruptcy litigation. For more information, click here.

Full post as published by Georgia Bankruptcy Blog on November 15, 2008 (boomark / email).