Tennessee-based WASCO Inc. has officially filed for Chapter 11 bankruptcy protection. According to The Tennessean: 

In the filing ... with Middle Tennessee's bankruptcy court, Nashville-based WASCO Inc. and subsidiary Lovell's Masonry Inc. estimated total assets at more than $1 million and total liabilities at $9 million.

The filing stemmed from WASCO's decision four years ago not to renew its union contract with the Bricklayers & Allied Craftworkers Local Union #5 of Tennessee, which had represented some of the company's employees. That resulted in a withdrawal penalty levied by the Bricklayers & Trowel Trades International Pension Fund.

The report also included several quotes from executives and others who appear optimistic about the move. WASCO has about 400 employees.

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