LASALLE, QC -- Patella Woodworking Inc., an architectural woodwork firm, filed for bankruptcy Nov. 12 in the Superior Court in Bankruptcy and Insolvency (Commercial Division) of Montreal.
The company appointed RSM Richter Inc, an independent accounting, business advisory and consulting firm, as trustee of the estate.
The bankruptcy filing lists nearly $15 million in liabilities vs. just over $2.5 million in assets.
RSM Richter's first report to creditors on Nov. 22 noted that Patella lost $1.1 million in 2009 and sustained losses of $5.3 million in 2010.
Woodworking Network reported on Nov. 10 that Patella had closed its 200,000-square-foot plant near Montreal, but planned to continue to manufacturing in various locations.
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