Mid America Brick Files for Chapter 11
Mid America Brick & Structural Clay Products LLC filed for chapter 11 protection on Friday, the St. Louis Business Journal reported today. Company officials said that the depression of the U.S. housing market and over-capacity in the brick industry prevented it from meeting sales and profitability projections. Mid America Brick intends to reorganize and has obtained debtor-in-possession financing from a consortium led by an affiliate of Advantage Capital Partners, a St. Louis venture capital and small business finance firm. The Mexico, Mo.-based business has 50 to 99 creditors, estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million, according to the bankruptcy filing.