Freedom Industries Could Have $3 Million Left by June
The company that spilled chemicals into 300,000 West Virginians' water supply could have about $3 million left this summer before paying hundreds of creditors.
Freedom Industries Chief Restructuring Officer Mark Welch estimated in bankruptcy court Tuesday that $2.5 million to $3 million would remain in mid-June. He said the 51-employee company will cease business operations by the week's end.
Judge Ronald Pearson approved Freedom's hire of Welch Tuesday, despite concerns about pay rates. Welch estimated he could net Freedom $1 million by collecting payments and finding savings during environmental cleanup.
Freedom's deadline was Saturday to start demolishing the Charleston facility responsible for the Jan. 9 spill, which contaminated water for days.
Dozens of creditors are businesses and residents who sued Freedom over lost wages and profits during a water-use ban.