L&T Machining Will Reorganize After Falling Behind On
A parts manufacturer which does business with aerospace
companies in Wichita, KS, has filed for bankruptcy protection under
Chapter 11 after falling behind on its taxes. L&T
Machining will reorganize its business and restructure its tax
debt, which had climbed to $286,993, according to court documents.
Company attorney David Eron told the Wichita Eagle that
the filing was primarily to restructure the tax debt and move
forward. He said there is plenty of work coming in, but not enough
to pay off the IRS in a lump sum.
The tax agency had placed liens of everything the company owned,
so income was being diverted to satisfy tax debt. In the court
papers, the company says it has secured financing to allow it to
cover purchase orders it has in house ... and generate some
additional revenue to begin to service its IRS debt.
The company's website indicates it was started by two brothers
in 1999. They service clients in the aerospace, automobile,
agricultural, and electronic industries.