Bloomberg News

Hussey Copper Files for Bankruptcy With $100 Million in Debt

September 27, 2011

(Updates with details about company in third paragraph.)

Sept. 27 (Bloomberg) -- Hussey Copper Ltd., a maker of copper products, and five affiliates sought bankruptcy protection from creditors without giving a reason.

The company, based 14 miles west of Pittsburgh in Leetsdale, Pennsylvania, listed more than $100 million in both assets and debt in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

Hussey, which traces its roots back to 1848, calls itself the “leading producer of copper bus bar in the world,” according to its website. The company also makes copper sheet, strip and wiring in addition to the bars used in the manufacture of electrical equipment.

Mark Minuti, an attorney for the company, wasn’t immediately available to return a phone calling seeking comment on the bankruptcy filing.

Copper for delivery in three months has surged 147 percent since the end of 2008 on the London Metal Exchange, touching a record $10,190 a metric ton on Feb. 15. Since then, concern that a slowing global economy would curb demand for raw materials has sent prices lower. The metal has dropped 21 percent this year to $7,594 today on the LME.

The 20 largest unsecured creditors holding claims against the company and its affiliates are owed about $24.6 million, according to court papers. Metal Management Pittsburgh Inc. of Elizabeth, Pennsylvania, is the biggest creditor, owed about $9.1 million, followed by CMC Recycling, owed about $2.7 million, and HKP Metals Inc. with a claim of $2.6 million.

The case is In re Hussey Copper Corp., 11-13010, U.S. Bankruptcy Court, District of Delaware (Wilmington).

--Editors: Andrew Dunn, Mary Romano

To contact the reporter on this story: Michael Bathon in Wilmington, Delaware, at mbathon@bloomberg.net.

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.


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