150 Year Central New York Company Files Bankruptcy, May Close in March

Another Central New York company has filed for bankruptcy and may close next March.

In a year where several national chains and major retailers have used the B word, it's no surprise another one may soon be a thing of the past.

Crucible Industries, a company that's been making specialty steel in Syracuse since 1876, is facing "serious financial difficulties" and may be gone for good.

However, the company is doing everything it can to avoid that, by filing Chapter 11 bankruptcy and looking for a buyer to take over the long-running plant.

A notice has been filed with the Department of Labor warning of a possible shutdown, that would leave 158 employees out of a job.

Crucible Chief Restructuring Officer David Van Rossum, explained the need for an immediate ruling in the filing

"The Debtor needs to obtain immediate access to liquidity under the DIP Facility in order to, among other things, continue the operation of its business, maintain business relationships with vendors and customers, make payroll and capital expenditures, and satisfy other working capital and operational needs. Without immediate financing, vendors, customers and other stakeholders will lose confidence in the Debtor, thereby causing irreparable harm to the Debtor’s business and operations."

Federal bankruptcy court filings in Syracuse say a buyer has been found for the 65 acre plant. However, the company may still go on the auction block in February to see if someone is willing to pay more.

This isn't the first bankruptcy for Crucible. The company filed in 2009 and was purchased by a privately held company out of Cleveland.

Will the company be saved again by another buyer? Only time will tell.

Get our free mobile app