A company founded in 1970 in Harrison and now with operations in eight states has emerged from Chapter 11 bankruptcy protection and completed its financial restructuring plan.
Arkansas Business reports Pace Industries LLC of Fayetteville made the announcement Tuesday.
Pace handles aluminum, zinc and magnesium die casting. The company filed for bankruptcy in mid-April estimating liabilities of between $100 million and $150 million. At the time, it said the move will “give the Company the financial foundation necessary to resume normal-course operations following the COVID-19 outbreak.”
In March, the company idled operations in Harrison and Fayetteville, putting nearly 600 workers on the sidelines, as the economic effects of the COVID-19 outbreak began to weigh on operations. In April, the company said it was temporarily shutting its Muskegon, Michigan, plant for about six months and laying off about 450 people, according to Bloomberg Law.
On Tuesday, company officials said they had implemented their reorganization plan, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on May 29. The company said it met all commitments to stakeholders throughout the Chapter 11 process.
The company said it plans to build on its position in key industries and expand in growth markets.