Keystone Consolidated disclosure statement draws objection from EPA

By Caroline Salls

Pittsburgh, June 15 - Keystone Consolidated Industries, Inc.'s disclosure statement for its plan of reorganization drew an objection from the Environmental Protection Agency, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Wisconsin.

The EPA said the statement does not provide adequate information on how debtor Sherman Wire and its properties will be liquidated or reorganized and how it will comply with its regulatory obligations to protect public health and safety.

"If the purpose is to abandon contaminated property without disclosure of the court knowing or having to approve such abandonment, this would be an improper attempt to avoid bankruptcy code requirements pertaining to proposed abandonment of property and revesting of property on confirmation," the EPA said in its objection.

A hearing on confirmation of the plan of reorganization will be held June 24.

Keystone, a Dallas-based fencing and wiring company, filed for bankruptcy on Feb. 26, 2004. Its Chapter 11 case number is 04-22422.

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