Golden Foundry Files for Bankruptcy -, GA News Weather & Sports

Golden Foundry Files for Bankruptcy

COLUMBUS, GA (WXTX) - Goldens' Foundry and Machine Company opened its doors in Columbus over a century ago in 1882.

According to George Boyd, CEO of Goldens' Foundry, this is the first time the industrial company has filed for Chapter 11 bankruptcy. The filing happened last Friday in the United States Bankruptcy Court, Middle District of Georgia. 

Fox 54 obtained a copy of the document.  It states that Goldens' Foundry has between 200 and 1000 creditors, $1 million to $10 million in estimated assets and $10 to $50 million in approximate liabilities.  This will allow the company to restructure its financial profile in hopes of continuing to operate with no interruptions, says Boyd.

Boyd released this statement, "I am very prayerful that our company will continue to operate, save jobs and continue to be a viable business in the workforce."  The 160 existing employee are said to be safe for now.

The economic downtown caused the company to face a 50% reduction in production in the last year and lay off 100 workers.  The company makes castings for industrial machinery such as construction and agricultural companies. 

©2009 WTVM. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Powered by Frankly