Vulcan Steel files Chapter 11
FitzLORD Inc., a Jacksonville company that operates under the name Vulcan Steel, filed a Chapter 11 bankruptcy petition last month after American Express cut off its credit line, according to court documents.
The documents filed in U.S. Bankruptcy Court in Jacksonville say the company "has been very successful in the past. Even in the current economic situation the Debtor was able to keep afloat and pay its vendors and creditors timely."
However, "even though no payments were missed or untimely, American Express decided to cut off the line of credit," it said. That forced the company to file for Chapter 11.
U.S. Bankruptcy Judge Paul Glenn signed an order Nov. 21 to allow Vulcan Steel to continue operations, two days after it filed its petition for Chapter 11.
CEO Thomas Fitzpatrick said Friday that he had no comment on the bankruptcy filing.
Fitzpatrick and his wife, Nancy, bought Vulcan Steel in 1996. The company at 650 E. 27th St. fabricates and erects steel for projects throughout the Southeast, according to its website. Court documents show that it currently has 19 employees.
The company received a $250,000 renovation grant in 2002 from the Northwest Jacksonville Economic Development Advisory Committee.
Vulcan had revenue of $3.5 million in 2011 and has produced revenue of $2.1 million so far in 2012, court documents said.
The Chapter 11 petition listed $1.98 million in assets and $2.15 million in liabilities. The largest creditor is CNL Bank, which is owed $463,806.
Jacksonville attorney Jason Burgess is representing the company in its bankruptcy case.