Interstate Plumbing & Air Conditioning LLC of Las Vegas and associated companies filed for Chapter 7 bankruptcy liquidation today — just a few weeks after laying off most of their workers.
In a mid-August announcement, the company said it had laid off 265 of its 335 employees because of the recession and was seeking financial solutions with the help of G2 Capital Advisors.
The filing in U.S. Bankruptcy Court for Nevada in Las Vegas by Interstate listed $17.4 million in assets against liabilities of $40.5 million.
Also filing for bankruptcy were affiliated companies Interstate Acquisitions LLC, Interstate California Holdings Corp., Global Mechanical LLC and Interstate Plumbing & Air Conditioning LP.
The companies’ assets include contractors licenses in Nevada, Arizona, California and Utah.
Major creditors include Sankaty Advisors LLC in Boston, owed about $17.7 million; and Zions Bank in Salt Lake City, owed $8.5 million. The filing listed scores of trade creditors as well.
The filing said Interstate Plumbing & Air Conditioning LLC had revenue of $60.1 million in 2010 and $25.7 million so far this year.
It was signed by CEO James Manning.
A request for comment was placed with Interstate on whether any of its operations could continue despite the Chapter 7 filings.