The famous Leisure Time Spring Water plant, located on Route 42 in Kiamisha (across from Munkatch Summer Camp) has filed for Chapter 11 bankruptcy protection, the Times Herald Record reports.
A.T. Reynolds & Sons Inc. lists $5.3 million in assets and $3.7 million in liabilities in court papers filed Friday in U.S. Bankruptcy Court in Poughkeepsie. In a Chapter 11 case, the debtor seeks relief from creditors while attempting to reorganize its finances and/or operations.
According to court papers, the company’s plant on Route 42 is valued at $2.3 million and its equipment and machinery at $1.8 million. The company is the defendant in three lawsuits, including a collection suit filed by Commerce & Industry Insurance Co. It produced gross income of $6 million in 2007 and $5.8 million in 2006.
According to the companies website, Leisure Time was founded in the year 1884.
(YWN-112 / YWN-782 / Times Herald Record)
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3 Responses
I hope they survive…the un-employment roll in Sullivan County is already way too large.
you mean we have to start drinking water from the sink?? OY VEY!!!!!!!
I am sick and tired of businesses that are poorly managed just being able to walk away and screw the public. Their revenues are going up, yet they can’t pay their bills. That means they borrowed more than they could realistically afford, and are in no way a victim of the economic meltdown. They are victims of greed. People should be locked up for stuff like that.
Bankruptcy is meant for people who take normal risks, but then suffer as a result of an unforseen circumstance such as illness or job loss. This insanity of bankruptcy must stop.