ITC Manufacturing declares Chapter 11 bankruptcy
International Technical Coatings, Inc. dba ITC Manufacturing with facilities in Arizona and Ohio has declared Chapter 11 bankruptcy in the United States Bankruptcy Court District of Arizona. On November 18, 2015 court documents show Faruk Gole, president and CEO of ITC filed for bankruptcy relief to restructure its debt obligations primarily those owning to the Bank of America.
Since 2011 multiple loans have been taken out at approximately $28.3 million. ITC currently owes Bank of America approximately $25.7 million. On October 28, 2015, Bank of America applied for appointment of a receiver over ITC. Unable to secure an agreement with Bank of America prior to the scheduled hearing, ITC filed for bankruptcy protection.
ITC believes that its overall business plans and strategies are sound and will be successful if certain of their debt obligations can be restructured. In this regard, particular emphasis will be placed on refinancing the Bank’s obligations – utilizing not only ITC’s assets, but also the personal assets of ITC’s sole shareholder Johnnie Caldwell.
ITC is steel wire manufacturing business with facilities located in Phoenix, Arizona and Columbus, Ohio. ITC’s manufacturing facilities are located at 110 S. 41 Avenue, Phoenix, AZ 85009 and 845 Markison Avenue, Columbus OH, 43207. ITC’s corporate headquarters is located at the Phoenix Facility. They employ over 233 full and part-time employees.
ITC is a manufacturer of wire mesh products for the material handling and storage products industries. As one of the largest wire and steel fabricators in the United States, ITC manufactures a wide range of wire products including heavy and light duty wire mesh decking, dividers and flue spacers, gridwall/slatwall, POP displays, industrial and specialty drawn wire, custom wire and steel products, mine mesh, re-enforcing mesh, laser cutting, fencing and roll formed products. In addition, ITC offers value-added services such as product design and engineering to meet the needs of distributors, mass merchants. retailers, archive storage providers, OEM’s and third-party logistics providers.
