Loading…
Friday, December 19, 2014
Current Weather
Loading Current Weather....
HomeNewsLocal
Published: Saturday, 11/3/2001

Oak Harbor company defunct, in bankruptcy

FROM THE BLADE STAFF

An Oak Harbor firm that had hoped to find an audience for its machinery designed to provide extra-pure water has filed for bankruptcy and is defunct.

Ridgewood Waterpure Corp. was formed after some northwest Ohio investors purchased the patents and intellectual property rights of a California company that had filed for Chapter 11 bankruptcy protection, said H. Buswell Roberts, a Toledo attorney representing Ridgewood. His client filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Toledo, claiming assets of $720,000 and liabilities of $8.3 million.

As part of that deal, Ridgewood agreed to pay a pro-rated distribution of about $500,000 to a number of the creditors in the California bankruptcy filing, Mr. Roberts said. The company was not able to do that, nor pay back loans it had received, after the market failed to materialize, he said.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.








Poll