Grede Foundries, Inc. (“Grede”) has filed a single debtor bankruptcy in the US Bankruptcy Court for the Western District of Wisconsin (Case No. 09-14337). Grede is one of the largest cast iron foundries in the United States. It produces ductile and gray iron and specialty metal parts for the automotive, heavy truck, off-highway, diesel engine and industrial markets.
Of the 20 largest claims of unsecured creditors, 16 claims are identified at trade debt. However, four of the top five unsecured creditors have claims identified as “Benefits Plans” with claims totaling $71,365,397 out of total claims by all of the top 20 of $81,792. These “Benefits Plans” debts are especially significant in the context of Grede’s total debts and assets. Grede states that it has total debts of $148,243,000 and assets of $143,983,000.
This case clearly will have a heavy emphasis on these benefit plans. The large amount of benefit plan claims raises an immediate concern about the direction of this case.
Also of interest is a claim of $7,000,000 listed for Consolidated Mill Supply, Inc. as “Unliquidated Disputed.”
The Grede Top Unsecured Creditor List does not include: (1) persons who come within the definition of “insider”; or (2) secured creditors, unless the value of the collateral is such that the unsecured deficiency places the creditor among the holders of the largest unsecured claims.
The following is the 20 Top Unsecured Creditor List. Columns can be sorted by clicking on the column heading.
|Name of creditor||Nature of claim||Contingent, unliquidated, disputed, or subject to setoff||Amount of claim|
|Grede Employee Retirement Plan||Benefits Plan||$33,692,497.00|
|Grede Group Health – Retiree Grede Benefits Committee||Benefits Plan||$24,741,900.00|
|Consolidated Mill Supply, Inc.||Trade Debt||Unliquidated Disputed||$7,000,000.00|
|Deferred Compensation Plans Grede Benefits Committee||Benefits Plan||$4,120,000.00|
|SERP Grede Benefits Committee||Benefits Plan||$1,811,000.00|
|LOEB LORMAN METALS INC||Trade Debt||$1,278,778.00|
|Miller and Company||Trade Debt||$1,053,214.00|
|Mattoon Precision Mfg Inc.||Trade Debt||$988,061.00|
|Duke Energy||Trade Debt||$841,800.00|
|Reedsburg Utility Commission||Trade Debt||$713,453.00|
|Schneiders Iron & Metal Inc.||Trade Debt||$708,140.00|
|Erie Coke Corporation||Trade Debt||$638,856.00|
|Stewart Manufacturing LLC||Trade Debt||$638,241.00|
|Vickers Engineering||Trade Debt||$618,133.00|
|Xcel Energy||Trade Debt||$525,015.00|
|Goodman-Reichwald-Dodge Inc.||Trade Debt||$516,099.00|
|National Material Trading||Trade Debt||$489,266.00|
|Tube City Incorporated||Trade Debt||$487,542.00|
|Smokey Mountain Machine||Trade Debt||$474,256.00|
|American Colloid||Trade debt||$456,541.00|
The following are additional articles about the Grede Foundries bankruptcy: