From the Register (note - may be disturbing as Proliance as about to fold): In light of the company's recent bankruptcy filing, the future of Proliance International Inc. at 100 Gando Drive is uncertain.
The company has notified the state Department of Labor that it may close between Aug. 28 and Sept. 11, eliminating 84 jobs. Proliance notified state officials in a WARN report filing. The WARN, or Worker Adjustment and Retraining Notification, Act requires employers to provide 60 days advance notice of plant closings and mass layoffs.
However, a company spokesman emphasized Wednesday that the business likely will be auctioned off in bankruptcy court and a new owner may keep the site open.
The company filed for Chapter 11 bankruptcy protection July 2, but continues to operate as an ongoing business, he said.
At this point, no decision about the local site has been made.
Proliance filed its WARN report in order to meet its legal obligation in case a future owner is determined and decides to close the site. The bankruptcy court must approve any new owner.
The company makes and distributes heat transfer and temperature control products for automotive and other heavyduty uses. Headquartered at the Gando Drive site, it serves customers in North America, Central America and Europe.
On July 2, it filed for bankruptcy protection in U.S. Bankruptcy Court in Delaware. It also agreed to sell "substantially all" of its North American assets to a Tennessee-based holding company called Centrum Equities XV LLC for $21.5 million.
A t t h e t i m e , P r o l i a n c e President and CEO Charles E. Johnson issued a statement saying the actions followed an "exhaustive" evaluation of all of the company's options to address its "liquidity restraints." The company suffered a severe setback in February 2008 when tornadoes destroyed much of its inventory in a Mississippi warehouse, he said.
The bankruptcy filing does not include the company's operations or entities outside the United States.
Also on July 2, the company asked the NYSE Amex Exchange to delist its common shares from trading in light of the bankruptcy. Company officials said they do not anticipate shares being relisted in the future. The NYSE Amex Exchange previously halted trading of Proliance shares June 24.