People experiencing financial difficulties often go through a tremendous amount of stress, sometimes even letting it take a toll on their health. Trying to find ways to come up with money to meet financial obligations can leave you feeling like you are all out of options. Before that happens, consult with a financial attorney. There are usually options available that can immediately stop collections, help you keep your property and relieve that burden of stress.
Businesses have similar problems. One business in Appleton recently closed the doors — giving in almost too easily to a financial situation. United States Senator Tammy Baldwin thinks so too; she is currently looking into the case.
It appears that Appleton Coated in Combined Locks, which is a paper mill, was sold to Industrial Assets Corp. on Oct. 10, after facing several court hearings. In August of this year, PNC Bank allegedly demanded immediate and full payment of a loan, although Appleton Coated had not missed any payments. The bank then enforced a penalty of $50,000 per day for missing the target deadline.
The loan with PNC Bank was allegedly to the tune of $11 million. Senator Baldwin is questioning if the huge daily penalty, which was imposed in July, added an additional strain on the company while being extremely lucrative for the bank. She also wants to know why Appleton Coated never filed Chapter 11 bankruptcy or looked at other options to stay in business.
A county executive is rallying for the workers, who are now unemployed while the mill sits idle and useless waiting on the new company to do something with it. Industrial Assets Corp. claims to be looking for potential buyers to partner with.
There are many questions surrounding the closing of this business, as it appears there were potential untapped options available. As an individual or small business owner, keep an open mind if you run into a similar situation. Filing for bankruptcy is just one option available to you. Don’t struggle alone!
Source: US News Today, “U.S. Sen. Tammy Baldwin seeks answers on Appleton Coated closure,” Maureen Wallenfang, Nov. 17, 2017
