Members of District 15 members at Gloucester Engineering Co. (GEC) in Gloucester, MA, are optimistic following news that GEC has filed a Plan of Reorganization that will hopefully allow the company to emerge from Chapter 11 bankruptcy by the end of this year.
Private equity firm Blue Wolf Capital Partners LLC provided financing to help GEC when the plastics manufacturer filed for Chapter 11 in June. Blue Wolf’s financing allowed GEC to continue operating, accepting and processing customer orders, while in bankruptcy.
Now on the mend, the company has recalled some of its IAM-represented workforce. An affiliate of Blue Wolf is sponsoring the reorganization plan, which is currently awaiting court approval.