Future uncertain at Taylor Building Products
By Tim Barnum
News Editor | firstname.lastname@example.org
WEST BRANCH — Defaulted loan payments have caused the future of Taylor Building Products in West Branch to be up in the air, at least until Nov. 15.
Bill Frazier was named by the Federal Court Southern District in Columbus, Ohio as the receiver of Taylor Building Products Oct. 15. Frazier said this means he is responsible for the company and its assets until he makes a determination as to whether the company should continue to operate under receivership, if some of its assets should be sold, or if all of its assets should be sold.
Frazier said he has to make his determination by Nov. 15. He said multiple variables will come into play before he makes his decision.
“The assets and their worth is one consideration,” he said. “The other is if the company can be restored to operate profitably.”
A plan was drafted earlier this year to try to make the company profitable, but Frazier, who has been involved with Taylor since mid-June as a consultant and restructuring officer, said the plan was rejected by the company’s shareholder.
“We identified a number of initiatives that we thought would probably have a positive impact on the company’s cash flow, and its profitability,” he said.
Huntington National Bank filed for the receivership after the company defaulted on loan payments, according to Frazier.
The receivership status has not forced a large number of employees to lose their jobs, Frazier said.
“Substantially, all the employees were called back to work,” he said. “We had a small reduction of staff.”
Since Taylor became Frazier’s responsibility, he said several industrial companies have expressed interest in buying the plant.
“I’ve received a number of inquiries,” he said.
At this time, closure of the plan does not seem likely, Frazier said.
“It certainly does not appear to be where things are headed now,” he said.