Photo Stencil Files for Chapter 11
GOLDEN, CO -- Photo Stencil on July 12 filed for Chapter 11 bankruptcy protection, claiming net debt of more than $7 million spread across more than 200 creditors.
The maker of stencils for printed circuit board assembly cited delays and costs tied to its move to Golden from Colorado Springs last year.
In its filing, Photo Stencil indicated it owes more than 200 creditors, the largest of which is TKF Interim Funding II, which it owes $4.9 million. The firm also owes $1.74 million to PMC Financial Services, and has millions more in construction liens held by construction contractors.
The firm indicated it has assets between $1 million and $10 million and liabilities between $10 million and $50 million.
The firm laid off 16 workers last week, company president Richard Daly reportedly said.
The court set No.v 9 deadline for Photo Stencil to submit a repayment plan.
