Banner Glass has filed for Chapter 11 bankruptcy in the U.S. Federal District Court of Maryland. Its assets will go up for auction via Tiger Capital Group’s Commercial & Industrial division.
Employee-owned Banner Glass, which has eight locations covering Maryland and Northern Virginia, shuttered its doors in July.
It has an estimated 200-999 creditors and assets of an estimated $500,001 to $1 million, according to the bankruptcy filing. Its liabilities are estimated as the same as the company’s assets.
Banner Glass owes $74,590 for leases, according to the filing.
The company lists its additional top unsecured creditors as including:
Glass Distributors Inc.: $89,717
Pilkington North America: $88,531
Pittsburgh Glass Works: $35,739
Bank of America: $29,559
Trulite Glass and Aluminum Solutions: $13,817
Cardinal Shower Enclosures: $12,897
Linton Shafer Warfield & Garrett, P.A.: $12,300
Scott M. Gourley: $12,116 (wages)
Suntrust Bank: $10,055
Universal Premium: $9,370 (gas card)
Robert E. Ripley Jr.: $9,216 (wages)
Norman Sheek: $8,500 (wages)
Bryce L. Hanes: $7,502 (wages)
Lexus of Silver Spring: $7,497
“Prior to the bankruptcy petition date, the debtor experienced significant financial issues,” according to the court filing. “As a result, the debtor was unable to continue to pay wages, suppliers and vendors and consequently, unable to continue as a going concern. The debtor, in its business judgment, determined that it was in the best interests of its estate, creditors and parties-in-interest to liquidate the debtor’s assets and wind-down the debtor’s affairs in an orderly process under Chapter 11 of the Bankruptcy Code.”
The sale features shop equipment as well as a fleet of more than 30 vehicle, including Ford, Chevrolet and GMC pickups, vans and cars as new as 2014. Property is also for sale. For a full list of assets available for auction, click here to read the bankruptcy document.
Online bidding will commence September 13 at www.SoldTiger.com.
Banner Glass was founded May 1, 1956 with a small automotive glass installation shop in downtown Silver Spring, Md., according to the company’s website.