After seven losing years at the cash register, the locally based company is asking the U.S. Bankruptcy Court here for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code.
The court is expected to give World Commerce that protection and allow the firm to continue operations on a debtor-in-possession status until the company can complete a reorganization plan acceptable to creditors and the court.
In its Aug. 20 bankruptcy petition, World Commerce listed assets of $22.6 million and liabilities of $41.5 million. The largest creditor is Interprise Technology Partners of Miami which owns 58% of World Commerce stock.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
