A drywall company in Parker has filed for Chapter 11 bankruptcy.
TriStar Drywall, which has been around for 34 years, told the U.S. Bankruptcy Court in Denver on July 2 that it owes $2.6 million to lenders, suppliers, lawyers and insurers.
The south metro company has $1.6 million in accounts receivable and another $1.1 million in company stock, among other assets totaling $3.4 million, according to court filings.
The company earned $11.8 million in gross revenue in 2021 and $13.6 million in 2022 but just $4 million in the first seven months of this year, its bankruptcy filings show.
TriStar’s sole owner is Dan Haltom, of Morrison, who was paid $210,000 last year, according to those bankruptcy filings. He did not respond to a request to discuss the matter.
TriStar was founded in 1989 by Haltom and Keith Callender, according to an article in the Association of the Wall and Ceiling Industry’s magazine. TriStar now owes Callender, of Aurora, making him one of the company’s largest creditors.
The top creditor, Foundation Building Materials in Chicago, is owed $754,000 and other material suppliers are owed another $170,000. Banks are owed about $520,000, a landlord is owed $7,000 and TriStar’s lawyers are owed $5,500, according to the company.
TriStar is represented by lawyer Katharine Sender with Cohen & Cohen in Denver. She declined BusinessDen’s requests to discuss the bankruptcy on behalf of TriStar.