[Usa] Sudden Closure Of Trainor Glass Likely To Cause Ripple Effect Across The Industry

Trainor Glass Co filed for voluntary Chapter 11 bankruptcy with the Northern District of Illinois US Bankruptcy Court. Shortly thereafter, the company filed a motion in the case, seeking to use cash collateral and obtain post-petition financing to "pay for the costs of the preservation and orderly liquidation of debtor's assets, and to pay for the costs of administration of the debtor's chapter 11 case," according to court documents. First Midwest Bank, the bank involved in the motion, "agreed to allow Trainor to use a portion of its cash collateral to pay for the pre-petition wages due its former non-insider employees, and related payroll obligations in an amount not to exceed US$ 494,000."