Falcon Steel Co. of Haltom City exited bankruptcy on March 30, the company announced April 2.
The United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division, confirmed the joint reorganization plan for Falcon Steel Co. and its affiliates.
“Falcon Steel filed for Chapter 11 relief on June 29, 2014, and after nine months of streamlining operations and realigning its management team, the company is now in a sound financial position to go forward,” said Jim Taylor, Falcon Steel CEO.
Taylor joined Falcon Steel as chief restructuring officer in May 2014 and was named president and CEO in August.
“We’re extremely pleased with the court’s decision, as well as with our team’s ability to turn the company around in a matter of months. Now we can focus all of our attention on what Falcon does best—which is designing and manufacturing top-quality steel structures,” Taylor said.
Falcon Steel continued to operate as normal during the restructuring process. Since the Chapter 11 filing was about covenants and not the company’s ability to pay, the day-to-day operations were never compromised, Taylor added.
“We wanted an outcome that was in everyone’s best interests, and that’s just what we got,” he said.
Jeff Prostok and Lynda Lankford of Fort Worth-based law firm Forshey Prostok represented Falcon Steel and its affiliates in the case.
Falcon Steel designs and fabricates steel structures and has more than 260 employees statewide. The company also has fabricating facilities in Kaufman and Euless.