Creditors with the largest claims include Fifth Third Bank of Cincinnati ($225,000); Detailed Machining Inc. of Sidney ($70,669); and Custom Metal Shearing Inc. of Dayton ($25,052).
A Chapter 11 bankruptcy filing frees a company from the threat of creditors’ lawsuits while it reorganizes its finances. The debtor’s reorganization plan must be accepted by a majority of its creditors.
Martin Hobart, the company’s president, wasn’t immediately available for comment on Wednesday, July 22. He is the fourth generation to lead Hobart Cabinet, which got its start in 1906 building small-parts cabinets with wood frames and steel backs for American Fixture & Manufacturing Co., another Troy company.
The company was part of Hobart Brothers Co. from 1917 to 1925, when it became a stand-alone company.
Contact this reporter at (937) 225-7457 or flastname@DaytonDailyNews.com.
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