Ag tool maker Frictionless World files for Chapter 11

WESTMINSTER  — Frictionless World LLC, a Westminster holding company for makers of outdoor tools, filed for Chapter 11 bankruptcy Monday.

In filings with the U.S. Bankruptcy Court of Colorado, Frictionless reported having $14.6 million in assets, including $4.5 million in cash on hand and $6.43 million in inventory, and $17.36 million in liabilities.

The company reported making $17.7 million this year, $26.2 million in calendar year 2018 and $17.56 million in 2017.

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Frictionless is a conglomerate of brands for outdoor workers and enthusiasts, owning power tool maker Dirty Hand Tools, lawn care equipment maker Redback, ranching tool maker RanchEx, logging equipment manufacturer Vinsetta Tools and ice fishing equipment maker Trophy Strike.

The company also owes just less than $16.36 million to various Chinese companies, including $12.64 million to a limited liability company of the same name registered in China. Many of these recorded debts are contingent on certain events taking place, are disputed between the debtor and creditors or are physical assets yet to be liquidated.

Frictionless is also being sued by Changzhou Zhong Lian Investment Co. Ltd in a three-party case for breach of contract and fraud, which is currently in out-of-court arbitration. Denver-based Atlas Denver Industrial LP is also suing Frictionless for forcible entry and detainer, according to the filings. Both cases are pending.

It is unclear how Frictionless plans to reorganize and how or if the bankruptcy affects the company’s employment numbers. Requests for comment to Frictionless CEO Daniel Banjo and the company’s attorney of record David Wadsworth were not returned Tuesday afternoon.