Dozens of creditors stand to lose millions of dollars after a grain and feed company in Portsmouth, Iowa filed for bankruptcy.
The company, G&R Feed and Grain Co., filed for Chapter 7 bankruptcy in federal court earlier this month. About 60 creditors, mostly individuals from Shelby County, were listed as creditors in related court documents. At this time, debt estimates for the company are between $1 million and $10 million, while the company’s assets are estimated at $50,000.
A creditors meeting will take place next month on February 19th at 1 p.m.
If your company is facing bankruptcy, make sure that your rights and interests are protected throughout bankruptcy proceedings. Contact the experienced business bankruptcy lawyers of Hong Law, PLC, today by calling (319) 294-5853.
Colorado solar panel manufacturer Abound Solar is almost prepared to file its plans for bankruptcy.
The company received a $400 million loan from the federal government, but it only utilized $68 million before the government rescinded its funding. The company revealed in February that it closed its factory.
Abound Solar had planned to utilize an alternative to silicon, but after the costs of silicon fell, the competition from Chinese solar energy companies was too much for the Colorado company.
Bankruptcy protection can help businesses recover from tough economic times. If your business needs protection, contact the business bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.
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