The good news for workers at the Joplin Eagle Picher plant is that a federal bankruptcy judge Monday authorized the company to continue paying wages, compensation and employee benefits.
The bad news, according to the documents, which were filed in the U. S. Bankruptcy Court for the Southern District of Ohio is that the order authorizes, but does not require the company to make those payments.
The order requires "all applicable banks and other financial institutions shall be, and hereby are, authorized to receive, process, honor and pay all checks drawn on the debtors' accounts" before or after the bankruptcy filing.
Eagle Picher Holdings' bankruptcy filing indicates the company owes $248.2 million to Wells Fargo Bank, Los Angeles; in excess of $20 million to Merrill Lynch Bond Fund, Inc., Plainsboro, N. J., in excess of $20 million to Tennenbaum Capital Partners, Santa Monica, Calif.
The bankruptcy documents indicate Eagle Picher is 100 percent owned by interests with addresses in the Netherlands, with a Joel P. Wyler, Granaria Holdings, The Hague, The Netherlands, listed as owning 62.5 percent and ABN AMRO Participaties B. V. Amsterdam, The Netherlands, owning 37.5 percent. At the same time, the court documents say the "address for all of such shareholders is c/0 EaglePicher Incorporated, 3402 E. University Drive, Phoenix, Ariz. 85034.
In the filing, the company indicated that it has arranged for $50 million in financing.