Beaird Company, Ltd. Bankruptcy Proceedings
On August 12, 2009 Beaird Company Ltd.’s Bankruptcy was converted from a Chapter 11 Bankruptcy to a Chapter 7 Bankruptcy. This means that Beaird Company Ltd. no longer controls the disposition of its assets. The Bankruptcy Court has appointed a Trustee to oversee the dissolution of the property of Beaird Company and the disposition of its assets.
August 25, 2009 City Council Meeting
MBI attended the Shreveport City Council meeting on Tuesday, August 25, 2009, appearing before and updating the Mayor and Council as to the progress MBI is making in its efforts to begin operations at the Shreveport facility. Rick Fayard, Chief Administrative Officer of MBI, was accompanied by Steven Lee, Director of Environmental Issues, and Chip Naus, Attorney representing MBI in the Beaird Bankruptcy. Mr. Lee answered questions regarding the permitting process through the environmental agencies, which is proceeding as rapidly as possible. Mr. Naus advised on matters related to the Beaird bankruptcy, including MBI’s efforts to secure the equipment and property.
Outstanding issues remain at MBI’s Shreveport facility, such as equipment safety checks and facility safety concerns, which have been unable to be addressed due to restrictions set forth by the U.S. Bankruptcy Court in Beaird’s bankruptcy proceeding.
Although MBI did not cause the problems it currently faces in regard to the occupancy of the Shreveport facility, MBI has made enormous financial expenditures to try and resolve them all as quickly and aptly as possible.
Shreveport Plant
Purpose for this Blog
It is MBI's intent to maximize the potential of this facility and leverage the unique core competencies into a long term and sustainable business model. Beaird was once a staple company for Shreveport and over the years had hired thousands of talented and skilled people.
Unfortunately, the facility has been sitting vacant since May 2008 and is in need of a major investment to bring it back to a position where it can safely operate and efficently compete. Moreover, many of its valued employees have been unemployeed and are wanting to go back to work.
As you know, we operate in a global marketplace and most of the heavy fabrication that the plant was designed for is now taken place overseas.
MBI is establishing a plan for this facility that will once again provide long term and sustaibable employment and provide a competitive domestic alternative for heavy specialized steel products.
We intend to use this blog as an venue to keep everyone updated on its progress.
Unfortunately, the facility has been sitting vacant since May 2008 and is in need of a major investment to bring it back to a position where it can safely operate and efficently compete. Moreover, many of its valued employees have been unemployeed and are wanting to go back to work.
As you know, we operate in a global marketplace and most of the heavy fabrication that the plant was designed for is now taken place overseas.
MBI is establishing a plan for this facility that will once again provide long term and sustaibable employment and provide a competitive domestic alternative for heavy specialized steel products.
We intend to use this blog as an venue to keep everyone updated on its progress.