CHARLESTON, W.Va. -- Freedom Industries had $16 million in assets and $6 million in liabilities when it filed for bankruptcy last month, according to documents filed Monday.
The company that fouled thousands of West Virginians' water with a chemical leak into the Elk River on Jan. 9, filed for Chapter 11 bankruptcy Jan. 17.
Under the bankruptcy code, Chapter 11 permits a company to reorganize and continue operating.
Freedom markets and distributes chemicals that are mixed by Poca Blending in Nitro. Etowah River Terminal is the storage facility on the Elk that leaked the chemical. It has about a dozen tanks, each of which can hold tens of thousands of gallons of chemicals. It was formerly a Pennzoil facility.
According to the company's statement of financial affairs filed Monday, the company made $25.6 million between July 1, 2011, and June 30, 2012, through its sale of chemicals; $30.6 million between July 1, 2012, and June 30, 2013; and $19.6 million between July 1, 2013, through when it filed for bankruptcy last month.
The Barlow Drive property, where the leak occurred, is valued at $976,493, according to the filing. It values its tanks at $8,000, the filing shows.
Freedom had $5.3 million in inventory Dec. 31, when it was last calculated, the filing states. Freedom has a $320,000 federal tax lien, according to the filing.
Freedom is holding calcium chloride in its Etowah Terminal facility for Tetra Performance Chemicals, of Dallas, Texas.
Freedom has more than $1 million worth of machinery and more than $5 million in inventory. It stores nearly $400,000 worth of parts at its Beckley facility on Holy Lane.
On Dec. 31, 2013, four companies merged under the umbrella of Freedom Industries: Freedom Industries Inc., Etowah River Terminal LLC, Poca Blending LLC and Crete Technologies LLC.