Patriot Glass Files for Chapter 11

Patriot Glass & Mirror Ltd., a contract glazing firm in Schenectady, N.Y., filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court Northern District of New York on July 28. According to court documents, the privately held company has $1.01 million in assets and $1.5 million in debt.

Patriot Glass has more than 500 debt security holders and 44 creditors who have unsecured debts. The top three creditors holding the company’s largest unsecured claims are: Winslow Plumb in Schenectady, $282,680; Zimmcor in Clifton Park, N.Y., $221,387.25; and Painters Local 155 in Poughkeepsie, N.Y., $119,000. JE Berkowitz in Poughkeepsie, N.Y., holds $75,191 in unsecure claims, and YKK in Atlanta, holds $5,956.

First Niagara Bank in Buffalo, N.Y., is the only creditor that has a secured debt in the case. The bank has a “blanket lien” and vehicle loan totaling $518,000.

Business revenue of the company went down from $10 million in 2009 to $7.4 million in 2010, according to court documents. In 2011, so far, revenue has been $4 million.

Chapter 11 allows a debtor to reorganize or liquidate pursuant to a plan. A plan is not effective unless confirmed by the court.

Calls to the company and the attorney representing the company were not returned during press time.