A Newcap sign outside of its Green Bay office. PC: Fox 11 Online
(WTAQ-WLUK) — A meeting of creditors was held in federal bankruptcy court Monday as Newcap continues to wind down its operations.
The nonprofit, which provided a variety of social services to clients in Northeast Wisconsin before its sudden closure earlier this year, filed for bankruptcy in federal court last month. Court documents show Newcap owes money to 209 parties, totaling $4.03 million.
During the 30-minute meeting Monday, the court asked Newcap for updates, noting its first required monthly bankruptcy operating report is due Thursday.
10 employees remain, interim Newcap CEO Deb Barlament told the court Monday. She said the nonprofit is still waiting for results of more property appraisals.
Last month, the court approved Newcap’s plan to pay its employees. Paul Swanson, an attorney representing Newcap in the bankruptcy, told FOX 11 after the agency’s assets are liquidated, there should be enough money to pay everyone that is owed.
A 137-page filing in federal court shows Newcap approximates it has $5.9 million in assets. $4.89 million of that is estimated to be tied up in 25 properties Newcap appears to own.
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