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The eBearing News
September 26, 2005
Z-Star Foreclosure Set
copyright © 2005 eBearing Inc.
Z-Star Inc. (USA) is now the subject of foreclosure proceedings by the Watertown (NY) Local
Development Corporation and the Jefferson County (NY) Industrial Development Agency or Watertown Trust.
Earlier this year, the company had offered its building and real estate in exchange for a $373,000
business development loan it has not been able to repay.
article: Z-Star faces foreclosure
According to the latest filings, that figure now
approaches $490,000 in principal, interest, insurance and late fees. The WLDC and Watertown Trust
made loans to Z-Star in 2002 and 2003, but only a handful of payments were ever made, and
the company has made no payments -- interest, principal, or otherwise -- in over a year.
Z-Star is a joint venture of two bridge bearing producers, Z-Tech Industries Inc. (Quebec, Canada, a
division of Les Industries Z-Tech Inc.) and TechStar Inc. (USA). The company
manufactures bridge bearings and expansion joints and currently has approximately 15 skilled
trade employees in Watertown, including machinists, welders and Designers.
Z-Star's pot design bearings are approved for use by a number of state transportation authorities
for bridges and expansion joints.
Making its case in February for the WLDC and Watertown Trust to take over the facility in
a leaseback arrangement, Z-Star said its troubles stemmed from rising steel costs, uneven
demand, and contracts which failed to materialize.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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