Acme Files Chapter 11 to Avoid Takeover

by George Waldon  on Monday, May. 5, 2014 12:00 am  

Lex and Alex Golden, father and son executives at Acme Holding Co., are fending off creditors with a Chapter 11 bankruptcy filing in hopes of preserving equity in Acme’s ownership of the $138 million-asset  Allied Bank of Mulberry (Crawford County). | (Photo by Jason Burt)

“The slowed economy and increasingly stringent regulatory oversight has made its original plan of repayment difficult.

“Our lender has unfortunately objected to our plan to restructure ourselves to resolve the issue and has demanded immediate payment.

“Rather than surrender the bank over this dispute, we have elected to seek temporary protection under the bankruptcy code.

“We feel very confident our plan will result in full payment of all Acme creditors in short order and ultimately protect the equity we have worked so hard to achieve since 1986 when our family purchased our interest in the bank.”

 

 

Please read our comments policy before commenting.