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M&J Warehouse fights to escape liquidation at hands of creditors; distributor wants to reorganize under Chapter 11 protection.
AMBRIDGE - A tiny steel distributor is trying to extricate itself from an involuntary Chapter 7 bankruptcy by filing for protection from creditors under Chapter 11 of federal bankruptcy code.
Roanoke Electric Steel Corp., of Roanoke, Va., and Nucor Steel Co., of Charlotte, N.C., forced M&J Warehouse Inc. of Beaver County into Chapter 7 in late August.
M&J president and CEO John Vlasic said he planned to file a motion to move from Chapter 7 to Chapter 11 this week.
If the petition is approved by federal bankruptcy court, Mr. Vlasic expects the company would require six months to reorganize.
The company, which reported sales of $500,000 last year, has …
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