New Lebanon's RISA declares bankruptcy
Dec 27, 2013 6:53 am
Gail Heinsohn is reporting in the Register Star RISA Management Corp. has filed in the New York Eastern Bankruptcy Court for voluntary bankruptcy protection under Chapter 11. The firm, headquartered in Westbury, Long Island, took over the CeramTec building on Route 20 in New Lebanon, two and a half years ago. It manufactures large-scale metal projects needed in the construction of various types of buildings, train stations and power plants, and counts the Long Island Railroad and New York City Transit among its clients. The company anticipated $10 million in revenue in 2011, and hoped to employ 40 people locally, according to published reports. In its Dec. 12 bankruptcy filing, RISA estimated anywhere from $1 million to $10 million in liabilities and the same amount in assets. Under Chapter 11 a business is able to continue operating while restructuring its debt. Read the full story in the Register Star.