Weld Wheel Files Chapter 11
August 25, 2006
Filed under Uncategorized
Weld Wheel Industries Inc., the Kansas City-based manufacturer of high-end custom wheels, filed for Chapter 11 bankruptcy protection August 17.
Court documents listed the company's total assets and liabilities as each being $31.7 million on June 30. Taylor Weld, listed as the company's president, signed the bankruptcy form, which was filed in the Bankruptcy Court of Western Missouri.
The company is seeking court approval of sale procedures that would allow for the submission of competing bids, an auction and final sale hearing within six weeks, court records said.
One possible bidder is American Racing Equipment Inc., Rancho Dominguez, Calif.
"Debtors believe that the sale of assets ... is in the best interest of debtors' estates, the creditors, their employees and the community," Weld Wheel said in a court document.
Weld Wheel employs about 380 people.