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Old 08-20-2006, 09:15 AM   #1  
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Weld Wheel seeks bankruptcy

Weld Wheel seeks bankruptcy

http://www.kansascity.com/mld/kansascity/15297541.htm

Weld Wheel seeks bankruptcy, plans to sell assets
By DAN MARGOLIES
The Kansas City Star
Weld Wheel Industries, a Kansas City maker of high-performance automotive wheels, filed for Chapter 11 bankruptcy protection this morning and plans to sell its assets.

The 21-year-old, family-owned business said it lost $1.1 million in the first six months of this year on net sales of $21.8 million. The abbreviated bankruptcy petition did not break down Weld Wheel’s debts, but said that the company has total assets of $31.6 million.

The bankruptcy documents stated that Weld Wheels has signed an asset-sale agreement with American Racing Equipment Inc. in southern California. Terms of the sale were not listed.

For more on this story, please see Friday’s editions of The Kansas City Star.


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Old 08-20-2006, 09:44 AM   #2  
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Well that kinda stinks.
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Old 08-20-2006, 06:38 PM   #3  
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Yep! Prices will go up too.
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