Allendale, Mich.-Primarily based injection moulder Jimdi Plastics Inc., owned by Antara Methods LLC, filed for Chapter 11 creditor safety on February 22, citing the COVID-19 pandemic.
In paperwork filed with the U.S. chapter court docket in Grand Rapids, Mich., The corporate listed $ 2.1 million in belongings and $ 4.3 million in liabilities.
The pandemic has decreased the corporate’s gross sales by 70%, she stated in court docket paperwork, and “compelled a discount in employees from 67 to fifteen, decreased shifts from six days per week to 3 shifts per day 4 days per week at a fee of 1 quarter per day. “
The corporate acquired two PPP loans in 2020 for $ 480,980 and $ 457,500 respectively.
When Antara Methods purchased Jimdi Plastics in 2018, in response to the filings, it “wanted working capital to make repairs and rent educated employees.”
On the time of the acquisition, Antara Methods acquired two US Small Enterprise Administrations within the quantity of $ 350,000 and $ 2.4 million, respectively.
Jimdi ended 2019 with a lack of $ 795,000 “as a consequence of needed purchases, gear repairs, group member coaching, underpricing points and the hiring of cooks. competent groups ”.
Jimdi didn’t instantly reply to a request for remark. Plastics information.