(OOLITIC) - Indiana Limestone Company says it will end its entire operation, in a notice to the Dislocated Worker Program Director Jennifer Long.
The letter states that the company anticipates that it will close its entire operations and permanently lay off its entire workforce as the result of the pending banckruptcy proceeding and possible sale of the assest of the company.
This layoff will affect 166 employees at the Oolitc and the South Victor Pike facilities. The copany anticipate the layoffs will occure during a 14-day period between April 28 and May 11.
The company filed for Chapter 11 bankruptcy protection a week ago. The company owes tens of millions of dollars to creditors.
Court documents show Indiana commercial Finance LLC is lined up to acquire the bankrupt company.
The filings with the U.S. Bankruptcy Court for the District of Delaware state the potential transaction is estimated at $26 million.
To view the letter visit:http://www.in.gov/dwd/files/Indiana_Limestone_Company_located_in_Bloomington_and_Oolitic.pdf
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