Avalon Holdings will take $2.2M accounting charge

HOWLAND -- The parent company of Avalon Lakes Golf Course said it will take a $2.2 million accounting charge for money it is owed by a Pittsburgh area company that has filed for bankruptcy protection.
Avalon Holdings Corp. of Howland said in a recent filing with the Securities and Exchange Commission that the charge will be taken in its fourth-quarter financial statements.
Avalon Holdings is owed the money by IT Group of Monroeville, Pa., which filed for bankruptcy protection in January. Avalon Holdings said it will seek to recoup the money through court proceedings.
A subsidiary of Avalon Holdings was a subcontractor for work being done by IT Group, which does consulting and engineering for construction projects, environmental work and hazardous waste remediation.
Besides owning the golf course, Avalon Holdings operates DartAmerica, a Canfield trucking company, and three companies that are involved in environmental consulting, landfill management and waste disposal brokering.