Jun 22, 2014 2:13 PM by AP
BAY ST. LOUIS, Miss. (AP) - The owner of a steel pipe mill in Bay St. Louis has filed for bankruptcy protection and seeks to sell the plant.
PSL North America LLC, which began operations in 2008, made the Chapter 11 filing June 16 in Delaware. In court papers, it says it plans to sell itself for $100 million to another pipe maker, Jindal SAW Ltd. The mill, under new ownership, plans to move into making concrete-lined water pipe, a business it says is less competitive than making oil and gas pipes.
With about 70 employees, PSL North America says it's $130 million in debt and can't borrow the money it needs to buy steel to make more pipe. PSL North America says it lost $30 million after steel it bought couldn't withstand required pressures.