"No funds will be available to unsecured creditors," notes Tonawanda Coke Corporation, in filing for Chapter 11 bankruptcy in Federal Court in the Western District of New York.
There are more than 100 creditors, according to federal court paperwork obtained by 7 Eyewitness News. The paperwork shows there is up to $50 million in estimated liabilities.
When asked if the debtor owns or has possession of property that needs immediate attention, the company said yes, nothing "it poses or is alleged to pose a threat of imminent and unidentifiable hazard to public health or safety."
Chapter 11 was filed on October 15.
Shutdown of the coke plant on River Road started over the weekend. The DEC is at the site and will formulate a clean up plan once shutdown is complete.
About 100 people will lose their job as a result of the plant shutting down.
The Town of Tonawanda is set to lose $70,000 per year in tax revenue.
Shutdown is expected to finish by the end of the week.
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