BENTON HARBOR, MI--(Marketwire - Mar 13, 2013) - New Products Corporation (NPC) has purchased the mortgage loan for Modern Plastics Corporation, a neighboring manufacturing company that went out of business and is now in bankruptcy. Bank of America, which owned the mortgage note, with an unpaid balance of approximately $1.2 million, recently offered it for sale through a sealed bid process. NPC was the highest bidder.
"NPC's purchase of this mortgage reflects an ongoing commitment to our community," said Cheryl Miller, NPC's president and CEO. "I am also following in the footsteps of my grandfather and dad, who led the company for many years. They often made equipment and property purchases, designed to contribute to our company's success and longevity."
Modern Plastics Corporation was owned by Cheryl Miller's uncle, now deceased.
"As owners of Modern Plastics' mortgage, we can have a greater say in what happens to the real estate and buildings that are pending resolution in bankruptcy court," said Cheryl Miller, NPC's president and CEO. "We want to ensure our operations are not totally encircled by Harbor Shores, and that Modern Plastics' property is developed in a way that creates job opportunities for people in Benton Harbor."
Because of the change in ownership of Modern Plastics' mortgage, the previously scheduled March 6th bankruptcy hearing about the pending decision of real estate and buildings was rescheduled to 10 a.m. on Wednesday, May 1, 2013, in Bankruptcy Court in Kalamazoo.