The Waterville Window Co. of Winslow filed for bankruptcy Monday, citing liabilities of more than $813,000 and just $54,000 in assets.
The company, which had been in business for more than 60 years, filed under Chapter 7 of the U.S. Bankruptcy Code, which means it will cease operations and sell off all its assets.
In Waterville Window’s bankruptcy filing, the company lists its leading secured creditors as TD Bank, which is owed nearly $280,000, and the Kennebec Valley Council of Governments, which is owed nearly $95,000.
Unsecured creditors include Veka, a Pennsylvania company that makes vinyl windows, which is owed more than $110,000, and Maine Innovations, a company that Waterville Window owner Donald Shirley launched earlier this year that sells fences, railings and furniture.
Maine Innovations is owed nearly $74,000 by Waterville Window.
In a bankruptcy proceeding, secured creditors have priority over unsecured creditors when it comes to parceling out the bankrupt company’s remaining assets.
Waterville Windows’ assets include two trucks worth a total of $23,500 and office equipment worth slightly more than $30,000, according to the filing.
Calls to the company’s bankruptcy lawyer and to Shirley were not returned Tuesday.