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Paper Company Decides to File for Business Bankruptcy

After nearly 100 years in the business, a paper company announced this week its intentions to file for business bankruptcy.

Based out of Michigan, the company formed in 1914. Since then, it has expanded its operations to include recycling paper, which brought it a modicum of success over the years. Now, after a poor economy drove it nearly to destruction, the company has decided to file for Chapter 11 bankruptcy protection.

Its bankruptcy papers included assets of $10 million to $50 million, with liabilities between $50 million to $100 million. Not only is it one of the oldest paper manufacturers in the country, it also claims the title as the first company to recycle paper.

Although there are several creditors listed on the claim, two of the largest are owed $2.3 million and $1.3 million, with a third in Chicago claiming debts over $500,000. Once its bankruptcy plans have been approved by the court, the company will need to develop a reorganization plan to pay back its primary creditors while being given the chance to discharge a portion of its debts.

Considering business bankruptcy in Illinois because your company has fallen short on revenue or accumulated massive debt? Contact a Chicago business bankruptcy from our legal team now who can review your case and help you seek bankruptcy protection.
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