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Foundry aims for debt deal with vendors. (Ravenna Aluminum Inc.)
Crain's Cleveland Business
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August 12, 1996|
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COPYRIGHT 1996 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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Ravenna Aluminum Inc., a large aluminum foundry that produces parts for domestic automakers, is working on a plan to restructure its debt in an effort to avoid a bankruptcy filing.
A committee representing Ravenna's unsecured creditors has been formed to work out a deal with the 10-year-old company. One source familiar with Ravenna, who asked not to be identified, estimated the company's trade debt at $18 million.
John Blemaster, owner of Ravenna, didn't return three phone calls from Crain's Cleveland Business last week.
Ravenna employs 600 at two plants ...
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