A recent auction for the assets of Milwaukee Forge did not end with the company finding a buyer, according to Milwaukee Forge’s court-appointed receiver.
In March, Milwaukee Forge filed a Chapter 128 petition in Milwaukee County Circuit Court and entered receivership. The metal fabricator said the decision was a “strategic business move.”
Michael Polsky, a lawyer at Milwaukee-based Beck, Chaet, Bamberger & Polsky, S.C., serves as Milwaukee Forge’s court-appointed receiver.
A hearing for the sale of Milwaukee Forge that was scheduled for June 18 was adjourned, according to a statement from Polsky’s office.
“The receiver and his financial consultant intend to continue their efforts to sell the assets of Milwaukee Forge on a going concern basis and to maximize the value of Milwaukee Forge’s assets for the benefit of all parties,” reads the statement.
Given the uncertainty of the future of Milwaukee Forge, a WARN notice is being sent to the Wisconsin Department of Workforce Development.
“It has become necessary for the receiver to issue a plant closing notice pursuant to state and federal law in the event that the going concern sale process is unsuccessful,” according to Wednesday’s statement. “Operations at Milwaukee Forge will continue in the ordinary course of business.”
There are currently 67 people employed at Milwaukee Forge.
