A Paragould convenience store and service station filed for Chapter 11 bankruptcy reorganization last month, listing $1.61 million in debts.
Detco Inc., which does business as North Point 66, listed $2.77 million in assets in its filing in U.S. Bankruptcy Court for the Eastern District of Arkansas.
Detco’s main asset is its 4,998-SF C-store at 1810 U.S. 49N. That property is valued at $2.1 million.
But it owes WBL SPO I LLC of Little Rock $1.5 million for the first mortgage on the 4.77-acre development, the filing said.
Detco reported gross revenue of $5.3 million in 2022, which fell to $4.6 million last year. For nearly the first eight months of this year, the company’s gross revenue was $1.3 million.
The owners of the company are Lisa Detlefsen and David Detlefsen, both of Paragould.
She owns 51% of the company and he owns the remainder.
The company is being represented by Frank Falkner of the Dilks Law Firm in Little Rock.
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