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Steel Fabrication Company Files For Bankruptcy

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By RICHARD MULLINS

rmullins@tampatrib.com

Published: November 26, 2008

TAMPA - Innovative Steel Technologies Inc. filed for Chapter 11 bankruptcy protection this week.

In a filing with the federal bankruptcy court in Tampa on Monday, the steel fabrication company cited $2.4 million in debts and eviction proceedings against its equipment and main production site on Seventh Avenue, east of Ybor City.

That is the site of the former Renaissance Steel company that began in 2005, backed by financiers and business moguls in Tampa Bay, including developer William Bishop and co-founder of Lazydays RV SuperCenter, Don Wallace.

The plan had been to build new steel trusses for homes, and boost the neighborhood by hiring local workers through the Corporation to Develop Communities in Tampa, and the Tampa Bay Workforce Alliance. A raft of nonprofit grants helped operations begin.

But in May 2006, with sales remaining sluggish, the founders recruited a close ally as CEO, Frank Sanchez, a former Clinton administration official and one-time candidate for mayor of Tampa.

Still, that project fell flat and Renaissance's assets were supposed to be bought out by Innovative Steel Technologies in a deal for about $2 million. Innovative Steel CEO Doug Biddle said he had planned to employ 30 at the plant, and later planned to expand the jobs to about 70 for manufacturing and 50 for field work.

The CDC is out more than $1 million from the failed public-private partnership. Officials for Innovative Steel Technologies could not be reached for comment Tuesday.

Reporter Richard Mullins can be reached at (813) 259-7919.

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