July 21, 2009
Creditors move to force Wilton into bankruptcy
Two creditors with a total of $208.7 million in claims against Wilton Holdings Inc. filed a petition in federal court to force the baking- and crafts-supply company into bankruptcy. Creditors Deutsche Bank Trust Co. Americas and JGF Credit LLC filed the involuntary Chapter 11 petition Monday.
WOW! That's crazy!
They haven't filed Chapter 11 yet. Two of their creditors are panicking and trying to force it. It makes no sense why they are doing so. Wilton is still in the black despite the state of the economy.
There's a lot more going on than the news is giving us, but something about all this reeks. I can't shake the feeling that it has more to do with the creditors being in trouble rather than Wilton, and they see a chance to get easy money. It'll be interesting to see how this all plays out.
Link to full article here
freaking double posts...