Cardinal Fastener & Specialty Co., a Cleveland-based manufacturer of screws and bolts for wind turbines, filed for Chapter 11 bankruptcy protection Thursday.
Cardinal President John Grabner told the Cleveland Plain Dealer that the bankruptcy filing is necessary because the company is having trouble obtaining "working-capital financing" from its primary lender, Wells Fargo.
Grabner also told the Plain Dealer that the company is profitable and its revenues are growing.
President Obama visited Cardinal, which is in Bedford Heights near Cleveland, in January 2009 before his inauguration.
"Renewable energy isn't something pie in the sky," Obama said during a speech at Cardinal. "It's not part of a far-off future. It's happening all across America right now.
" ... It can create millions of new jobs and entire new industries if we act right now."
Jeff Grabner, vice president and head of the company's wind business, told the Plain Dealer earlier in the week that Cardinal had been losing business to European suppliers who had underbid Cardinal, forcing the company to trim its workforce by 15 employees a year ago.