BOWLING GREEN, KY -- Eagle Industries LLC, a manufacturer of home entertainment centers and other residential wood furniture, recently filed for Chapter 11 protection in U.S. Bankruptcy Court in the Bowling Green Division of the Western District of Kentucky.
The October 27 filing took place two days after executives of the company held a special meeting. According to minutes from that meeting, it was determined that the company âwas unable to pay its debts as they accrued.â Management team members voted unanimously to file a voluntary petition for relief pursuant to Chapter 11 while pursuing steps to restructure its debt estimated at more than $10 million. The company continues to manufacture products.
Eagles Industriesâ Chapter 11 filing lists the names and addresses of 187 creditors. A list of creditors holding the 20 largest unsecured claims totals $3.4 million. Key Development Group LLC of Mentor, OH, tops that list at $1.4 million; followd by Grand Rivers Lumber Inc. of Mentor, OH, $669,000; and National Industrial Lumber Co. of Pittsburgh, PA, $224,000. (Click here to view Eagle Industriesâ top 20 creditor list, including amounts owed.)
Furniture Today reported that Eagle Industries is a 25-year-old company with about 300 employees and $20 million in annual sales.
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