Ledco assets to be auctioned off
The assets of a bankrupt tool and die maker in Kitchener, Ont. will be auctioned later this week. The contents of L...
April 7, 2008 by Canadian Plastics
The assets of a bankrupt tool and die maker in Kitchener, Ont. will be auctioned later this week. The contents of Ledco Limited’s facility will be put up on the auction block on Wednesday, April 9.
Ledco filed for bankruptcy in January, and the plant was almost immediately occupied by CAW members fighting for owed severance pay. According to current bankruptcy laws, workers are only awarded severance if the company’s creditors are paid off in full.
Bankruptcy documents show that the auto parts company had assets of $7 million when it filed for bankruptcy, and owed $17.7 million to its creditors.Ledco