Defunct energy company Worley & Obetz filed for bankruptcy on Wednesday, two days after the Manheim firm suddenly closed.
The nine-page filing in U.S. Bankruptcy Court in Philadelphia calls for the firm’s assets to be liquidated and the proceeds given to its creditors.
The initial filing gives only a sketch of Worley & Obetz’s finances; more detailed documents are due in the coming weeks.
In this first filing, Worley & Obetz says it has 1,000 to 5,000 creditors who are owed between $50,000,001 and $100 million.
The company estimates its assets at $10,000,001 to $50 million.
The filing includes its Ranck Plumbing Heating & Air Conditioning and Amerigreen Energy subsidiaries, which also went out of business.
A corporate resolution authorizing the filing was signed by company owners Robert Obetz Jr., his wife Suzanne, and their son Seth, plus Joel Hagaman, chief financial officer and treasurer.
Devastated by an alleged fraud, Worley & Obetz in May shuttered its commercial business and began laying off more than 100 employees while hoping to continue serving residential markets.
But Worley & Obetz’s bankers, who already face up to $62 million in losses on their loans to the company, balked at the restructuring plan on Monday.
That triggered the company’s instantaneous shutdown and the immediate layoff of its remaining 150 workers.
The next day, Seth Obetz announced plans to start a new company, Obetz Energy, in July.
Thursday, another local energy firm, Rhoads Energy, said it would work with the Lancaster Chamber and the Lancaster County Workforce Development Board to host a job fair for all jobseekers next Tuesday.