Wichita-based Pioneer Balloon Co. filed chapter 11 protection on Friday in U.S. Bankruptcy Court for Kansas, the Wichita Business Journal reported. The 106-year-old company filed under the corporate names Continental American Corp. and affiliate Pioneer National Latex Inc., both located at 5000 E. 29th Street N. Under Continental American Corp., the company claims liabilities of more than $23 million, with more than $5 million owed in wages and $18 million in services and goods, according to court filings. It estimates assets between $50 million and $100 million. There are less than 1,000 creditors, according to the filing, with the largest individual creditors located outside the Wichita area. Pioneer Balloon manufactures latex balloons and hosts international balloon conventions. In addition, the company has listed several inter-company loans. These include $1.4 million owed to Pioneer Automation Technologies in El Dorado and $600,000 to Emily's Bubble Company, also in El Dorado.
