July 16--After more than 60 years in business, Winslow-based Waterville Window Company has filed for Chapter 7 bankruptcy and will liquidate its assets..
The company owed more than $800,000 to more than 30 creditors, including nearly $280,000 to TD Bank.
The bankruptcy filing comes seven months after Waterville Window Company laid off eight of its 21 employees because of low sales, according to its president Donald J. Shirley.
Chapter 7 bankruptcy often means that a business is liquidated and its assets sold to pay creditors, with secured creditors paid first.
Shirley Tuesday, when approached at the Waterville Window Company plant, which is used by Maine Innovations Inc., provider of fences and railings, wouldn't comment about the bankruptcy. He is listed as president of the fencing company on the Maine Innovations Inc. website.
Maine Innovations is listed as a creditor after advancing the balance due on a Waterville Window Co. vehicle that was traded in. According to records at the secretary of state's office, Maine Innovations filed its corporate registration on Jan. 2.
"It's all public information," Shirley said. "Talk to my lawyer."
Shirley's lawyer, Tanya Sambatakos of Molleur Law Office in Biddeford, couldn't be reached Tuesday.
In the Chapter 7 bankruptcy document filed with the U.S. Bankruptcy Court in Bangor, it lists personal property at about $54,000, including $492 in a checking account, a 2008 Chevy box truck, a 2009 Dodge van and office equipment and inventory valued at about $30,500.
The debts include secured loans of more than $30,000 to the Kennebec Valley Council of Governments and TD Bank for office equipment and inventory. Shirley, who is the sole shareholder in the company, is listed as a co-debtor in each of those loans.
Other creditors owed include Westbrook-based Sigco, Inc., which is owed more than $27,000.
In December, Shirley said the company's window sales had fallen by more than $1.5 million over the past three years. Sales were around $2.3 million in 2013, according to the bankruptcy filing.
Shirley also said that following the layoffs last year, he was planning on "expanding the business to be three times bigger than it was," by expanding the company's vinyl and fencing production.
Jesse Scardina -- 861-9239
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