PROVIDENCE, R.I. -- The land and equipment belonging to bankrupt Pawtucket Asphalt Corp. is headed to a court-supervised auction April 9.
Pawtucket Asphalt sought federal bankruptcy protection in February 2012, listing approximately $3 million in assets and $6.4 million in liabilities, according to court documents. Among its creditors is the R.I. Economic Development Corp. The company owed the EDC $121,000 at that time.
The lawyer given charge of the business and a related entity located at 25 Concord St. received a $2.3-million offer for the assets. Creditors objected to the offer, providing an opening for others to submit bids. With two additional bids in hand, Providence lawyer Andrew S. Richardson received permission from a federal bankruptcy judge to hold the auction.