US barrel firm Staggemeyer Stave files for bankruptcy
Staggemeyer Stave has voluntarily filed for Chapter 11 bankruptcy following action taken by its creditors.
On 3 October, Decorah Bank & Trust Company filed a Chapter 7 bankruptcy petition against Staggemeyer Stave in the District of Minnesota.
The petition alleged that the debtor is “generally not paying its debts as they become due”.
Decorah Bank & Trust Company states that Staggemeyer Stave‘s commercial loans total US$3,998,969.36.
Staggemeyer Stave was subsequently summoned by the court to answer the petition.
The firm then filed its own Chapter 11 bankruptcy petition on 17 October.
The petition states that the firm has between 50 and 99 creditors, with liabilities between US$1 million and US$10m. The business has assets also between US$1m and US$10m.
Staggemeyer Stave produces white oak barrel staves for the whiskey and wine industries. It is not known which whiskey businesses it supplies.
It’s been a difficult year for the barrel industry, with the Independent Stave Company (ISC) cutting up to 112 jobs at its facility in Lebanon, Kentucky.
Brown-Forman offloaded its cooperage to ISC earlier in the year.
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