Court sets creditors' meeting in Denman bankruptcy

ERJ staff report (R&PN)

Youngstown, Ohio -- The US Bankruptcy Court, Northern District of Ohio, has scheduled a meeting of creditors in Denman Tire LLC's Chapter 7 bankruptcy case for May 13 at the Federal Building in Youngstown.

Leavittsburg, Ohio-based Denman filed for bankruptcy March 17, after struggling for more than a year to refinance its debts or secure a buyer. In early March, the 91-year-old tyre maker said it had issued notification to employees and other affected parties of a tentative closing of its operations in accordance with regulations.

Sanford Pensler, Denman Tire CEO and president of Pensler Capital Powder Corp., which is majority owner of Denman, filed an action waiving notification of a meeting of officers of Denman over the issue and, as managing member of the company, began Chapter 7 proceedings.

Pensler has hired the law firm Friedman & Rummel Co. L.P.A. in Youngstown to represent the company in the Chapter 7 case.

The creditors' meeting is scheduled to start at 10 a.m. May 13.

From Rubber & Plastics News (A Crain publication)