Jones Stephens Files for Bankruptcy

(Reuters) – Specialty plumbing products maker Jones Stephens Corp filed for Chapter 11 protection in a Delaware bankruptcy court, citing a drop in commercial and residential construction, and volatility in raw material costs, court papers showed.

The Moody, Alabama-based company said in a filing on Tuesday that it had assets of about $84 million and debt of about $101 million.

American Capital Financial Services Inc was listed as the largest unsecured creditor with a claim of about $26.7 million.

Jones Stephens said it employs about 200 people in two locations.

The case is In re: Jones Stephens Corp, U.S. Bankruptcy Court, District of Delaware, No. 09-14414. (Reporting by Santosh Nadgir in Bangalore; Editing by Anil D’Silva)