What is happening: IPS Worldwide filed a chapter 11 bankruptcy protection last week, but tool company Stanley Black and Decker have now accused them of ‘misappropriating’ millions of dollars before the filing.
Debt: IPS owe tens of millions of dollars to a variety of companies, including several major shippers.
Who is affected: Alcoa Corp, a metals manufacturer, is owed $28.8 million. Arconic Inc ($16.9m), True Value ($6m), and YRC Freight ($4.7m) are all owed money too. Stanley Black and Decker are owed $41 million.
Accusation: Stanley now say that IPS never answered questions as to where the money went.