Despite Bankruptcy, Limestone Industry SolidPosted: Updated:
Indiana Limestone Institute of America Executive Director Todd Schnatzmeyer says, despite a well-known company filing for Chapter 11 bankruptcy protection, Indiana's limestone industry remains strong. Schnatzmeyer says Oolitic-based Indiana Limestone Co., which was acquired by out-of-state investors, is reporting new business and positive cash flow. He says educating young designers about limestone's advantages will be key to the sector's future growth. Schnatzmeyer and RATIO Architects Principal Bill Browne Jr. discussed the industry on Inside INdiana Business Television. Indiana Commercial Finance LLC, which is a subsidiary of a Chicago company, was the only bidder during a scheduled bankruptcy auction in April. The $26 million acquisition involved forgiving debt instead of paying cash.
ILC has operations in Bloomington and the Lawrence County city. It filed for Chapter 11 protection in February.
Schnatzmeyer says his organization has not seen a significant drop in the demand for limestone over the past three years. He says many of Indiana Limestone Co.'s fabrication contracts have been acquired by other companies, and other quarriers are "working diligently" to meet customer demand.
Sources: Indiana Limestone Institute of America, Inside INdiana Business