A Washington State auto dealer has submitted for bankruptcy, declaring in court papers that it owes thousands to some long-list of lenders.
Gretter Autoland, which works Chevy and Ford dealers at 201 Airport Road in Washington submitted in federal court for Chapter 11 bankruptcy Dec. 1, based on court records.
One more 114 lenders actually have unsecured claims totaling about $271,000, based on court papers.
One of the lenders are banking institutions, autoparts manufacturers fuel companies, and organizations with which Gretter has marketed, such as the Iowa City Press-Resident, based on court papers.
Owner Tom Gretter and operator said his lawyer has recommended him to not discuss the problem. The dealer remains available, Gretter said.
Under Section 11 bankruptcy, which frequently is known as a “reorganization” bankruptcy, a consumer usually suggests an agenda of reorganization pay creditors with time and to maintain its organization alive.
However the U.S. Trustee’s Office said a prospective customer no further thinks the shops it has removed his letter of purpose and are practical.
The U.S. Trustee’s Office stated in court papers that it seems the purchase of the dealer wouldn’t lead to cost to creditors since all Gretter’s resources are encumbered with debt owed money. As a result of this, the Trustee’s Office motioned for that judge to ignore the Section 11 event, although a judgment has to be released.