Challenges Are Ahead For PAA, Wallace

Formed in 1998, PAA quickly made a name for itself by acquiring 11 companies in the United States and Mexico. The debt accrued in financing the purchase of these companies, along with the sluggish economy throughout 2001, led the company to file.

A president of one of the 11 PAA affiliates, speaking on the condition that he not be identified, said the company is exploring restructuring options and believes most, if not all, of the individual facilities can survive. "They are all very good companies," he says.