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Wed December 21, 2011
Troubled North Country Steel Firm May Be Sold
A Berlin steel company that is in bankruptcy is negotiating with several buyers and a sale is possible early next year.
Earlier this year Isaacson Structural Steel filed for Chapter 11 voluntary bankruptcy protection.
In a court filing it said it owed about $3 million to its top 20 creditors.
William Gannon is a Manchester bankruptcy lawyer working with Isaacson.
“Isaacson is currently negotiating with several interested parties," he said. "The negotiations have reached the point where draft asset purchase agreements have been exchanged."
That could be good news for the North Country.
“In all of the discussions, we have asked the prospective buyers whether or not they intended to continue to operate the facilities and in all instances they have said they do and will,” said Gannon.
Gannon said the sale could go through in February or March.
The plant is currently operating and has about 150 workers.