A 55-year-old Richmond manufacturer filed this week for bankruptcy.
Cushing Manufacturing & Equipment Co., which does custom metal fabrication, including making various metal shelters, sought Chapter 11 bankruptcy protection Monday.
Its bankruptcy filing shows assets of between $1 million and $10 million and liabilities in the same range. It reported between 50 and 99 creditors. The company hasn’t yet filed a list of specific creditors.
Cushing was founded in 1957.
Owner Ross Jennings wouldn’t say what exactly led to the bankruptcy. But Jennings, who co-owns the company with his brother Randy, said a plan to work things out is in motion.
“This is going to mean good things in the end,” Jennings said.
“There is a long story behind [the bankruptcy],” he said. “We fully expect to get it worked out.”
The company has 20 employees and is headquartered in a 60,000-square-foot facility on Commerce Road.
Jennings said the recession had an effect on the company but was only a small factor in the bankruptcy.
“There were other extenuating circumstances that I can’t get into,” he said.
Cushing is being represented by local bankruptcy attorney Kevin Lake of McDonald, Sutton & DuVal.
