(OOLITIC) - Indiana Limestone Company filed for bankruptcy Monday, but will operate through Chapter 11 reorganization.
Company President Duffe Elkins says the company will continue to operate business as usual for the foreseeable future and workers have been notified about the filing.
Elkins says Chapter 11 will enable the company to tackle a full quarrying season and continue fabrication operations through the year and allow the company to implement a transition plan while taking and filling customer orders.
The Oolitic company has experienced limited operations the last three years, because of cash restraints.
Indiana Limestone Co. has been in business for more than 100 years. The company's website states Indiana Limestone Company as the "largest limestone quarrier and fabricator in North America." The company has provided stone for some of the most prestigious buildings in the country, including the Empire State Building, the Pentagon, the National Cathedral, 35 of the 50 state capitol buildings and many other structures.
According to the company, it "owns and operates quarries covering over 4,000 acres" and has "reserves well in excess of 100 years supply in our eight main quarries."
In 2010, Resilience Capital Partners, a private equity firm based in Cleveland, purchased Indiana Limestone Co. from Johnson Ventures. Terms of the sale were not made public.
Resilience had acquired Victor Oolitic Stone Co. in Monroe County in 2009. The two companies -- both leading limestone suppliers for more than a century -- were merged.
Since the merger the company has struggled with debt.
The bankruptcy was filed in the U.S. Bankruptcy Court for the District of Delaware, and lists the company as Victor Oolitic Stone Co. doing business as Indiana Limestone Co. Resilience. They attempted to sell the business, but had no buyers.
Many workers at the plant are represented by Millworkers Local 8093. The union went on strike in November 2011. Workers opposed contract changes that would affect seniority rights, sick days and time off and tardy rules. A compromise was reached with the help of a federal mediator, and union members went back to work in January 2012. That contract will expire October 31, 2014.
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