CLEVELAND — Myers Forest Products has entered bankruptcy, according to documents filed in U.S. Bankruptcy Court.
The company has filed Chapter 11 bankruptcy, which allows a debtor to reorganize or liquidate under a court-approved plan. It wasn’t clear today what Myers Forest Products plans to do.
Craig Myers, the company’s president, could not be reached by telephone this afternoon.
According to the court filings, Myers Forest Products has more than $500,000 in outstanding debts and less than $50,000 in assets. The company also owes unpaid federal, state and county taxes, the filings show.
The court has approved Myers Forest Products’ request to keep operating and keep paying its 31 employees while bankruptcy proceedings continue.
Read more details in Saturday’s Salisbury Post and on www.salisburypost.com.