Baldwin-United files bankruptcy petition
The Baldwin-United Corporation, a giant insurance and financial-services company, filed in US District Court here Monday for voluntary reorganization under Chapter 11 of the federal bankruptcy code.
Earlier Monday, at least two of the company's bondholders filed an involuntary bankruptcy proceeding against the company. Baldwin-United has been attempting to keep its creditors - whom it owes nearly $1 billion - from filing for bankruptcy against it, and on several occasions has won extensions of loan agreements. The latest extension was due to run out Sept. 30. The company originally was a manufacturer of pianos.