PSL-North America files for bankruptcy
By Dwayne Bremer
Jun 20, 2014, 23:41
PSL-North America has filed for Chapter 11 bankruptcy in a Delaware court and is eyeing a sale of its property at the Port Bienville Industrial Park in Hancock County.
PSL, which makes steel pipe, was recruited to place one of its plants in Hancock County in 2006.
The company was the recipient of substantial state and federal grants.
According to various media reports, the company is currently $130 million in debt, with about $100 million in assets.
PSL recently sought Chapter 11 bankruptcy protection and company officials plan to sell $100 million in assets to another company, Jindall Tubular USA, officials said.
Hancock County Port and Harbor Executive Director Ashley Edwards said Thursday that he is hopeful operations at the Port Bienville plant will continue after the sale of Jindall..
Edwards said PSL is current on all of its obligations with the port.
PSL's Hancock County plant employs 68 people, according to court documents.
"This may actually increase jobs at the plant," Edwards said.
PSL is also current on all of its tax obligations in Hancock County, Tax Assessor/Collector Jimmy Ladner said Thursday.
Officials said that PSL will hold an auction for its assets on Aug. 13 to see if any company besides Jindall wants to bid on the purchase.
If there are no other bids, a hearing will be held two days later to approve the sale to Jindall.