Friday, September 24, 2010
GRANITEVILLE, S.C. -- In a letter to vendors and creditors, MCA Media LLC says they are in a "wind-down mode" effective September 20, 2010.
Back in May, Aiken County was celebrating the prospect of 125 new jobs in the area. The company was moving into the former Avondale Mills Horsecreek Building in Graniteville.
MCA Media, which has been in operation for a few short months, says their current financial condition and prospects have sent them into the wind-down mode. They say they cannot estimate whether their liquidation will be enough to satisfy the initial start-up and equipment loans from Business Carolina Inc. The BCI claims amount to around $6 million.
One of the reasons they are citing for the financial difficulties is the May 2010 electrical fire at the Graniteville plant. They say the fire put them three months behind schedule. Other factors are the economy and high material costs.
MCA Media will keep a skeletal staff on site. They are using various firms to assist with liquidation of assets and legal guidance. They anticipate dissolving the company in South Carolina at the end of the liquidation process.