Industrial Surfacing Corp. of Urbana Files for Chapter 11

Industrial Surfacing Corp. of Urbana, Ill has filed for Chapter 11 bankruptcy protection.  The business is a rock surfacing company that works with electrical and petroleum firms to provide drainage surfaces, erosion abatement, berm construction and more. The company has offices located in Texas, Louisiana and Indiana as well as its office in Illinois. Documents filed in May 2011 list $1.53 million in assets and $4.04 million in liabilities.

Company President Rodger Ferguson has made no comment about the bankruptcy filing to date.

Listed in the filing are approximately 2.2 million in secured claims. The largest claim is $1.54 million from Prospect Bank in Champaign and the second largest claim is $410,000 from FCC Equipment Financing of Jacksonville, Fla.

Unsecured priority claims include $49,465 in gross wages owed to 12 people. Ferguson is owed the largest amount of $25,500. Also listed in the filing is $63,227 in contributions owed to employee benefit plans. The largest unsecured priority claim is $272,253 that is owed to the Internal Revenue Service. Unemployment insurance payments are owed to Illinois, Texas, Louisiana and Michigan.

Fifty-two creditors are listed for unsecured non-priority claims. The largest claim is for $530,588. Claims for $158,070 and $114,000 are associated with loans made to the business by Rodger Ferguson and Rebecca Ferguson, respectively.

The $1.53 million in assets include a Cessna airplane, dozens of vehicles, and various pieces of equipment.

Filing in bankruptcy court is a complex process, one that requires assistance from a bankruptcy professional. Contact a Chicago bankruptcy attorney for help with your situation.

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