SQP SALE Creditor payments
Secured creditors for Sharpsville Quality Products have agreed on a plan for the disbursement of $862,000 from the sale of the bankrupt foundry. The amounts they will receive (with the amounts they are owed in parentheses) are:
J.J. Ritchie Inc.: $175,000 ($1,250,000).
Pennsylvania Industrial Development Authority: $282,000 ($376,000).
Pennsylvania Machinery and Equipment Loan Fund: $106,000 ($192,000).
Penn-Northwest Development Corp.: $38,000 ($50,000).
A New Beginning: $54,000 ($98,000).
Sharpsville Borough: $54,000 ($98,000).
Shenango Valley Enterprise Zone: $153,000 ($278,000).