MMFX Enters Ch. 11 Amid Steel Market Collapse

Law360, New York (December 14, 2010, 4:00 PM EST) -- MMFX Technologies Corp., which makes stronger and corrosion-resistant black steel, joined its subsidiaries in bankruptcy protection Tuesday after it failed to resolve millions of dollars in debt from the purchase of a Canadian steel mill.

The company, which made the filing in the U.S. Bankruptcy Court for the Central District of California, blamed the 2008 financial crisis for its current economic woes, saying the demand for new construction materials, like steel, dropped precipitously as the real estate bubble imploded.

Tuesday's filing comes after MMFX Canadian Holdings...
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