Boonville-based GlenMartin has filed for Chapter 11 bankruptcy, a company official said today.
Employees were informed of the reorganization filing on Nov. 12, when the filing was made, project manager Beau Aero said this morning.
Aero said that while company has reduced staff in the past six months, the bankruptcy will not affect employees’ jobs.
"This was a difficult but necessary decision," Aero stated today in a news release. "We have been focusing on realigning and improving our operations, and this filing will relieve the immediate pressure from our creditors and provide us time for an orderly exploration of our strategic alternatives.”
The release states that large swings in commodity prices and a number of customer defaults prompted the filing.
