Home Products International files Chapter 11 bankruptcy in Illinois

By Sarah Lizee

Olympia, Wash., June 2 – Home Products International, Inc. and Home Products International – North America, Inc. filed Chapter 11 bankruptcy Thursday afternoon in the U.S. Bankruptcy Court for the Northern District of Illinois, according to court documents.

In 2019, the debtors had entered into a loan agreement with Eclipse Business Capital as lender and administrative agent.

The parties entered into a forbearance agreement in November 2021 and later extended the agreement to December 2021 and March.

However, the parties have been unable to negotiate a third extension.

In their petition, the debtors listed $10 million to $50 million in assets and $50 million to $100 million in liabilities.

The largest unsecured creditors are Braskem America, Inc., based in Philadelphia, with a $2.99 million trade debt claim, Material Difference Technologies, based in Sarasota, Fla., with a $2.86 million trade debt claim, Pinnacle Polymers, based in Garyville, La., with a $1.87 million trade debt claim, and Blue Fin Steel, based in Toronto, with a $1.52 million trade debt claim.

The Chicago-based manufacturer of storage, home organization and laundry care products filed bankruptcy under Chapter 11 case number 22-06283.

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