Indiana limestone company to file bankruptcy
Headquartered in Oolitic, Ind., about 20 miles south of Bloomington, ILC has been facing layoffs since 2010 when Cleveland-based private equity firm Resilience Capital Partners bought and merged it with Victor Oolitic Stone Company, another southern Indiana limestone company.
Local 741 of the Laborers International Union of North America, one of four unions with employees at ILC, used to represent 45 to 50 quarry workers at ILC, but since the sale, that number has decreased to nine.
“It’s been going downhill ever since they took over,” Bobby Minton, business manager for the Local 741, said.
Layoffs are expected to take place between April 28 and May 11, according to a notice filed Monday with the Indiana Department of Workforce Development.
“We will try to put them somewhere else,” Minton said of the employees he represents. He said because quarry workers have such specialized skills though, it could be difficult to train them in another field.
ILC officials hired investment bankers who have reached out to more than 100 potential purchasers, according to Dow Jones.
The purpose of a Chapter 11 bankruptcy filing is to reorganize the company’s
The process requires a vote by creditors and approval by a bankruptcy judge. In typical cases a business will continue to operate through court deliberations.
The company’s estimated assets and liabilities are between $50 million and $100 million, according to the filing.
During the last century, the ILC cut the stone for dozens of national icons and landmarks including the Empire State Building, the Pentagon and the Indiana War Memorial in Indianapolis along with many IU buildings and dormitories.
It was estimated that 67 percent of all building stone shipped throughout the U.S. came from Monroe and Lawrence counties in 1930, according to an ILC brochure.
ILC is also known for owning the quarry in Monroe County that was included in 1979’s “Breaking Away.”
ILC did not return calls for comment by the time of