Lee Steel files for Ch. 11 bankruptcy

摘要

Service center Lee Steel Corp. has fired for Chapter 11 bankruptcy protection, citing the recent collapse in steel prices. The Novi, Mich.-based company has assets of $10 million to $50 million and liabilities of between $50 million and $100 million, according to documents fied in U.S. Bankruptcy Court in Michigan. “The company faces serious financial difficulties resulting from the present severe collapse in steel prices, which has caused the company, as well as certain of its affiliates, to default under the terms of their secured lending agreements with Huntington National Bank,” Lee Steel said in court finings.