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.
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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.
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