Fred Hill files for reorganization under Chapter 11 bankruptcy
February 9, 2010 · 9:27 AM
POULSBO — It will be business as usual for Fred Hill Materials as they restructure their finances after filing for Chapter 11 bankruptcy on Feb. 4.
The company has operations in Poulsbo, Bremerton, Port Townsend and Sequim, according to a press release.
Alex Hill, president and CEO of the family-owned organization, said the move was to protect its employees and creditors after its bank, Westsound, failed. Federal regulators took over Westsound Bank in May 2009; Kitsap Bank acquired the failed bank's operations.
The business will continue its operations, which includes completing its current project list.
"LIke so many businesses, we've been caught up in the country's credit crisis and the worst recession in 80 years," Hill said. "It's no picnic. But we're not doing this because we can't pay our bills going forward. Restructuring our debt under a reorganization is the sensible step for long-term success," Hill said in the press release.