Freedom Industries’ Change of Course

By:
Posted on:

< < Back to

WSAZ reports that Freedom Industries revealed at a bankruptcy court hearing that they will eventually shut down as the investigation into the chemical spill continues.

Attorney Mark Freedlander representing Freedom Industries said that after recognizing the costs while remaining in Chapter 11 bankruptcy, continuing business seems impractical.

Attorneys said the company plans to transition it's current customers to competitors and it hopes that their current employees will find employment with competitors or vendors that work with the company.

While in court attorneys representing Freedom industries and members of the Unsecured Credit Committee agreed to a protective order ad second-interim financing.

The protective order requires that evidence be protected, for there to be ongoing water testing, and for investigators to have access to the Barlow Drive site. The order also ensures that the company is taking appropriate actions to assure environmental compliance.

The approved order will end Friday, March 18.

CEO Gary Southern is expected in court next Tuesday for a meeting of the creditors.