Allegheny Wood Products starts selling multiple assets after sudden closure

In February of this year, Allegheny Wood Products, the 50-year-old West Virginia-based internationally known hardwood producer, closed its doors and eliminated as many as 850 full-time and outside contractors. That, however, was not the end of the story. In March, United Bank filed a lawsuit concerning a $40 million unpaid loan from 2005, resulting in a court-appointed Receivership to manage AWP’s assets and operations. This led to the decision to sell off assets to restart production in the state. According to West Virginia News, Allegheny Wood Products (AWP) has commenced the sale ...