Glenwood Herald

Bean Lumber shuts down sawmills August 27, 2007 - No reporter cited

By Michael G. Fox & Lawrence Graves

GLENWOOD – Bean Lumber Company intends to file a Chapter 11 bankruptcy, perhaps as soon as next week, and re-open the mills, an attorney for the company said Tuesday.

“I actually see us getting employees back in a matter of weeks and not months,” said Michael McCrary, a Hot Springs attorney whose firm has been counsel to Bean Lumber Company since 1984. “Our priority is getting the mills back to running - we recognize our responsibilties to these communities.”

McCrary said the company is experiencing a cash flow shortage and has exhausted its line of credit. Bankruptcy will permit Bean Lumber to sell assets, which could include the plant at Buckner, Mo..

Not included in the proposed filing are the trucking line or Cattlemen’s Livestock Market.

McCrary said a Chapter 11 bankruptcy would permit the company to reorganize. He said that Bean will get enough money to operate the mills through the winter months until spring when “sales skyrocket.”

The bankruptcy includes the mills in Glenwood, Amity, and an operation in Buckner, Mo.

About 300 workers at the Glenwood and Amity plants are affected, as well as 100 loggers who supply the mill with logs.

McCrary denied rumors of arrests and indictments that have been circulating about the mill’s owners.

He said Curt Bean will, over a two-year period, turn over the reigns of the operation to his son, Tim Bean, who is now president.

For the complete story, pick up a copy of the Glenwood Herald…

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