Two extended auto warranty companies in St. Charles, Illinois recently filed for bankruptcy. They both filed for Chapter 11 bankruptcy protection. And they both claim to have somewhere between 50-99 creditors.
Read more from bizjournals.com:
Imperial Auto Protection LLC and Royal Auto Protection LLC, both extended auto warranty companies based in St. Charles, have filed for Chapter 11 bankruptcy.
The affiliated companies, both located at 1529 S. Old Highway 94, filed separate bankruptcy petitions April 17 in U.S. Bankruptcy Court for the Eastern District of Missouri. Sherry Nelson was listed on the court filings as a member of both companies. Owners of an LLC are called members, according to the IRS.
Imperial Auto Protection listed 50 to 99 creditors, estimated assets of $100,001 to $500,000 and estimated debts of $1 million to $10 million. Continue reading…