A century-old, family-owned scrap metal company in Watertown, Wis., has filed for receivership amid declining global prices for iron ore, the Milwaukee Journal Sentinel reported on Friday. Loeb-Lorman Metals Inc., which employs about 75 people, has sought protection from creditors in a bankruptcy-like proceeding. The action places the firm, which has been owned by members of the Loeb family since its founding in 1914, in the hands of a court-appointed receiver. The receiver, attorney Ronald M. Carlson, will sell the company's assets to raise money to cover as much of its debt as possible. In a statement, Carlson said he hopes to sell the business in one piece as a going concern — typically the best possible outcome in receivership cases.
