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Eagle Inds. Owes Creditors $14.7 Million

Heath E Combs -- Furniture Today, December 23, 2010

BOWLING GREEN, Ky. - Home office, home entertainment and occasional furniture producer Eagle Inds., which filed for Chapter 11 bankruptcy protection earlier this year, says it owes creditors about $14.7 million.
     According to bankruptcy court documents, about $10.8 million of that amount is owed to creditors with secured claims. The company lists $9.7 million in assets.
     Its largest secured creditors include Citizens First Bank of Bowling Green, Ky., with a claim of $3.7 million for a credit line, and PBI Bank of Louisville, Ky., with a $6.8 million mortgage claim, although $3.8 million of that amount is listed as unsecured.
     Eagle Inds. filed a statement of financial affairs in U.S. Bankruptcy Court in the Bowling Green Division of the Western District of Kentucky.
     Court documents also show the company's sales have declined in the past two fiscal years, ended July 31. It listed sales of $42.2 million for the 2008 fiscal year, $30.8 million for the 2009 year and $24.8 million for the 2010 year. For the period from Aug. 1 to Sept. 30 of this year, sales were about $2.8 million.
     The filing also noted that the company is owned in 25% shares by its management, Santos German Mendez, Felipe Murrillo Rivas, Reyes Ismael Alfaro and Jose Oliver Rivas.
     Eagle filed for Chapter 11 bankruptcy protection in late October in what company officials said is an effort to restructure its debt.
     The 25-year-old company, which has about 300 employees, makes most of its product - including home office, home entertainment, kitchen islands and fireplace units - in Bowling Green. It also imports unfinished dining tables and chairs from Malaysia and assembles and finishes them in Bowling Green.

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Eagle Inds. lists $14.7 million in debts, $9.7 million in assets

Nov 17, 2010

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