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Nashville Commercial Masonry Company WASCO Files for Chapter 11 Bankruptcy

WASCO LOGO_Murfreesboro Tennessee BankruptcyWASCO, one of the nation’s largest commercial masonry companies, filed for Chapter 11 bankruptcy in order to reorganize its $9 million debt, $5.5 million of which stems from a penalty by withdrawing from its original pension plan.

 

In its filings, the company reported having estimated total assets of $1 million against its liabilities clocking-in at $9 million.

 

$5.5 million of the company’s debt is a result of a penalty brought onto it four years ago by not renewing its contract with the Bricklayers & Allied Craftworkers Local Union #5 of Tennessee, which represented some of the company’s employees.

 

In connection to the bankruptcy, however, WASCO is seeking a court approval of a $2.5 million credit line Kingston Capital in order to fund their operations while the bankruptcy proceedings are underway, showing a positive sign that they plan to continue with business after the bankruptcy has been completed.

 

WASCO and Lovell together owe $7.5 million in unsecured debts and $1.5 million in secured debts.  Of the $7.5 million unsecured, $5.5 million comes from the penalty it received by not renewing its contract with the labor union.  The companies are disputing that $5.5 million, hoping to have that amount adjusted or wiped away entirely.

If you are overloaded with debt, bankruptcy could be the fresh start you need.  By filing for bankruptcy, you immediately protect your home and car from repossession while giving yourself the time to reorganize your debt into a manageable payment plan.  Additionally, it’s also possible to have some of your unsecured debts, including credit card and medical bills, wiped away entirely.

Don’t live another day in debt. Call us to speak with a specialized bankruptcy attorney and see how we can help you regain your financial freedom.

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