New Berlin-based manufacturer
Stanek Tool filed a Chapter 128 petition in Waukesha County Circuit Court this week. This means the company has officially entered receivership.
Stanek Tool, a 100-year-old company with 26 employees, began the receivership process to position the company for new growth, according to an announcement from Milwaukee lawyer
Michael Polsky, who is the company’s court appointed receiver.
Polsky is a shareholder and director at Milwaukee-based
Beck, Chaet, Bamberger & Polsky, S.C.
A Chapter 128 filing is similar to a Chapter 11 filing under federal bankruptcy law, but it allows for a more streamlined process. The filings will not impact Stanek Tool’s day-to-day operations, according to the announcement.
“It’s business as usual," said Polsky. "All jobs will remain in place and customer orders will continue to be filled throughout the court supervised process."
Stanek Tool and Polsky’s financial advisor, who will oversee the sale process, have been in discussions with several parties interested in acquiring the company.
Stanek Tool makes workholding fixtures, precision machined parts and custom injection molds.
The company
was acquired by Milwaukee private investment firm
Jacsten Holdings LLC in 2016. Jacsten still holds a majority ownership in the company.
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