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)
http://www.theyeshivaworld.com/article.php?p=26923
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