Benada Aluminum Products LLC, a Florida aluminum extruder formed last year as the product of a merger, has filed for chapter 11 protection after nearly running out of cash, Dow Jones DBR Small Cap reported yesterday. The Sanford, Fla., company plans to restructure under chapter 11 with the help of $6.25 million in financing from Wells Fargo & Co. and FTL Capital LLC. Benada said it owes $9 million to secured creditors, including $7 million to Wells Fargo and $2 million to FTL. It also owes $3.4 million to unsecured creditors, consisting primarily of trade debt. The company said its assets, including real estate, accounts receivable, inventory and cash, are worth about $12.5 million. The company will seek approval from the Orlando bankruptcy court to tap the bankruptcy financing from Wells Fargo and FTL at a Monday hearing.
