November 6th, 2009 by Reed Allmand 
According to an article in the Business Journal, Super 88 LLC, an operator of Asian supermarkets filed for Chapter 11 bankruptcy on Monday after a deal to sell the chain was derailed by two other parties claiming to have deals to buy individual stores. Because the deal to sale the company did not go forward, the owners of the supermarket chain felt compelled to file bankruptcy so they could protect their assets from over 200 creditors.
The article said:
“In documents submitted before the U.S. Bankruptcy Court District of Massachusetts, the company said it had between $10 million and $50 million in financial liabilities with roughly 200 creditors. Its assets are valued between $1 million and $10 million.”
The bankruptcy will put a stop to collection actions by Super 88′s creditors which will give the potential buyers and the owners an opportunity to settle their disputes in court. Creditors will most likely receive a portion of the proceeds of any sale. But how much will need to be determined by the bankruptcy court. If Super 88′s liabilities are up to $50 million and they only have assets of $10 million max, the money from the sale of the company may be the best chance that the creditors have a getting repaid.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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