Virginia entrepreneur Tom Clarke has resorted to bankruptcy protection again for the iron ore operation he acquired in January 2017 out of the bankruptcy of Magnetation LLC, WSJ Pro Bankruptcy reported. The former Magnetation facilities were hit with an involuntary bankruptcy petition in May as Mr. Clarke scrambled for cash to get the iron facilities up and running and creditors clamored for cash. This week, his takeover vehicle, ERP Iron Ore LLC, agreed to move forward in chapter 11 bankruptcy, which will likely see a sale of at least some of the iron-producing facilities for scrap, court papers say. ERP acquired three concentrator plants located in Itasca County, Minn., and a pellet plant located in Reynolds, Ind., from the Magnetation bankruptcy, promising to get them back in action.
