Stinger Bankruptcy Could Delay Economic Development in Libby, Montana

An attorney for the Lincoln County Port Authority says the bankruptcy of Arizona-based Stinger Welding, Inc. could delay much-needed economic development in Libby. The company filed for bankruptcy in Arizona on March 8, a move that could hold creditors and lawsuits at bay for the time being.

The bankruptcy is the latest development in an ongoing saga that began in mid-December, when Stinger CEO Carl Douglas was killed in a plane crash near Libby. In January, the company entered voluntary receivership and on Feb. 11 the court-appointed receiver and manager, MCA Financial Group, announced that it would be closing the Libby plant.

As of January, the plant had employed nearly 70 people.

In October of last year, the county port authority filed a lawsuit alleging Stinger failed to comply with a 2009 economic development agreement.

By Justin Franz

Full Story: http://www.flatheadbeacon.com/articles/article/stinger_bankruptcy_could_delay_economic_development/32615/

***

Governor Schweitzer Presents $5.7 Million in Commerce Funds to Stinger Welding Project in Libby, Montana http://www.matr.net/article-35274.html

Effort to bring in employer, Stinger Welding Inc. progresses in Libby, Montana http://www.matr.net/article-33434.html

Libby, Montana Braces for Another Closure – Stinger Welding shutdown will leave nearly 70 people out of work http://www.matr.net/article-54234.html

Montana Community Development Corporation Receives Top Honors for Stinger Welding Project in Libby, Montana http://www.matr.net/article-46945.html