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Consumer Law

Wells Fargo Files Involuntary Bankruptcy Petition on United Furniture

Creditors are seeking to recoup millions from United Furniture Industries, and one of its largest creditors — banking giant Wells Fargo — is pushing the company into an involuntary Chapter 7 bankruptcy filing.

Chapter 7 is a liquidation of a company’s assets, which are sold to pay creditors. Wells Fargo, in a filing Friday with the U.S. Bankruptcy Court for the Northern District of Mississippi, said the manufacturer owes it at least $97.8 million.

The petition also names two other creditors — Security Associates of Mississippi/Alabama and V&B international — as being owed money. In total, United owes more than $99.5 million, excluding interest, fees and expenses, to the three creditors alone.

Read the source article at djournal.com

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