The owner of an idled Neville Island cement plant will seek federal bankruptcy court approval to sell the property to a new owner who plans to create about 50 jobs by launching a slag processing venture there.

GMI Land filed for Chapter 11 bankruptcy reorganization Friday, listing assets of $50,000 or less and liabilities of between $100,000 and $500,000 in papers filed in U.S. Bankruptcy Court, Downtown. The papers were signed by Michael P. Carlow, the disgraced entrepreneur who hopes the project will revive his career.

In the filing, Mr. Carlow identified himself as vice president and manager of GMI Land. The company has a tentative agreement to sell the Neville Island plant to Pittsburgh Granulated Slag, which wants to grind slag produced in steel industry blast furnaces and use it as a cement additive.

Pittsburgh Granulated's plans received a shot in the arm last month when Common Pleas Judge Christine A. Ward ruled they do not violate a use restriction imposed when the plant was sold in 2007 by Cemex, a Mexican cement producer.

Mr. Carlow said the bankruptcy was planned and is required by the investors backing Pittsburgh Granulated.

"All creditors will be paid in full," he said.

Mr. Carlow, the former owner of Pittsburgh Brewing and other companies, pled guilty to bank fraud and other charges in 1996 after federal prosecutors said he masterminded a $31 million check-kiting scheme that victimized PNC Bank. He served six years in prison and was released in 2002.

Cemex sold the plant in 2007 to Elizabeth G. Jones, Mr. Carlow's longtime friend and owner of the Upper St. Clair home where he resides. Ms. Jones sought bankruptcy protection in January, listing assets of $352,600 and liabilities of $5.8 million.

GMI Land was not listed in her bankruptcy papers as an asset. Mr. Carlow said recently that she sold the company in 2008. Mr. Carlow said he did not have an interest in GMI but declined to identify the new owners.

GMI Land's creditors include Mr. Carlow, who is owed $4,400. Allegheny County, Neville Township and the Cornell School District are owed more than $140,000 in taxes, according to a statement signed by Mr. Carlow.

Cemex attorneys have asked Judge Ward to reverse her decision or put Pittsburgh Granulated's plans on hold while they appeal.