Firm that owes state millions files for bankruptcy
Published: March 11,2013
MERIDIAN — A Texas company that Mississippi officials say owes the state $3.5 million has filed for bankruptcy, complicating collection efforts.
Handy Hardware, a hardware wholesale cooperative, announced in November it was closing its two-year-old Meridian warehouse.
By then, the Houston company had missed an October interest payment to Capital One Financial Corp. and defaulted on $26 million in debt.
Handy laid off 109 Meridian workers and filed in January for Chapter 11 bankruptcy reorganization.
The Mississippi Development Authority says the Lauderdale County Board of Supervisors is in charge of retrieving $3.5 million in federal community development money Handy accepted in exchange for creating 175 jobs.
Smaller amounts have been repaid to Lauderdale County and East Mississippi Electric Power Association, but it’s unclear how actively officials are pursuing the $3.5 million.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Firm that owes state millions files for bankruptcy”
Top Posts & Pages
- Source: Bryant has offered Glenn McCullough MDA job
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- PHIL HARDWICK: The third grade reading gate, book buddies and school principals
- Two new casinos like the odds on Mississippi Gulf Coast
- TRANSITION AT THE MDA — Is Mississippi better off than it was 3 years ago?
- College Board names Glenn Boyce as higher education chief
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- Nehi Bottling Company has been a Cleveland fixture for 85 years