💦New Chapter 11 Bankruptcy Filing - Water Gremlin Company💦

On October 27, 2023, MN-based Water Gremlin Company and two affiliates (collectively, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Silverstein) — the latest entrant in a long line of ‘23-vintage cases looking to pursue a sale of assets in bankruptcy (and filing sans stalking horse purchaser).

WGC is a manufacturer of battery components. Beginning in the garage of its founder in 1949, it first specialized in manufacturing lead sinkers in the recreational fishing market; it expanded to manufacture battery parts in the 1970s and now its battery terminals are used in vehicles, e-vehicles, RVs, buses, and trucks. The company has also stayed true to its roots and continues to sell fishing sinker products via its debtor affiliate, WG Sub LLC.