MILLVILLE, N.J., March 1 (UPI) -- Glass Group of Millville, N.J., Tuesday filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Wilmington, Del.
The company listed estimated debts of $69.2 million and estimated assets of $50 million to $100 million.
The glassmaker filed for bankruptcy protection because of a liquidity crisis brought on by mounting trade debt, increased costs for raw materials and restrictions on working-capital financing imposed by senior lender CIT Group/Business Credit Inc.
Glass Group listed two utilities and a trade debtor as its three largest unsecured creditors. South Jersey Gas, owed about $1.4 million, is the company's largest unsecured creditor. Trade creditor OMCO Mould Inc. is owed about $711,000, and utility Connective Power Delivery is owed about $657,000.
Glass Group said it will continue operating while it restructures its finances and either reorganizes or sells its business.
Glass Group, formerly Wheaton Glass Co., makes molded glass containers for the pharmaceutical, cosmetic and distribution industries. The company employs more than 1,400 full-time workers in plants in New Jersey and Missouri.
