by Jamie Burch
Published: Wed, June 10, 2009 - 6:02 pm CST
Bender Shipbuilding and Repair is fighting a bankruptcy battle.Three creditors have filed a petition asking a judge to force the Mobile company to file involuntary bankruptcy.
Why initiate an involuntary bankruptcy?
- It forces a debtor, Bender in this case, to deal with all its creditors at once, instead of forking over money only to those who press the hardest
- It also keeps a debtor from draining all its assets before finally giving up and filing for bankruptcy
What happens next?
The debtor has 20 days to file objections. If that happens, the case can go to trial. If not, the bankruptcy proceeds.
Bender says it plans to file an objection. The company claims two of the creditors who signed the petition are also suing the company, which it says would be a violation of bankruptcy law.
Tom Bender, the company's President and CEO, says "I am optimistic that the involuntary petition will be dismissed quickly."
Bender Shipbuilding and Repair Company was founded in 1702.
Bruno’s Bankruptcy Impacting Gulf Coast Shoppers
Email to a Friend 
Printer Friendly 
Recently Commented On
Reading Proves Difficult For…
Driver Loses Control Hitting…
Fire Destroys Abandoned House
Panhandle Man Fatally Shoots…
Recession Hits Food Network…