Construction company in Edenton goes bankrupt

Posted on Friday, May 10th, 2013 at 7:27 pm    

A construction firm based in Edenton filed for bankruptcy in the U.S. Bankruptcy Court for the Eastern District of North Carolina on April 24.

According to the Chapter 7 bankruptcy paperwork filed by John E. Bassett, Inc., it estimated liabilities to be $1.2 million, led by a loan of $153,000 from BB&T (NYSE:BBT). A significant decrease in company revenue was observed as the company reported a revenue of $3.2 million in 2011, $3.1 million in 2012, and a projected $2.7 million this year based on the January-March totals. Other creditors included were employees, and Edenton and Pamlico Sound traders. The reported assets of the company, according to the filing, totaled $240,000.

Filing Chapter 7 bankruptcy is often the best way for many businesses to get out from under the weight of their debts. Find out how bankruptcy can benefit you and your company by seeking counsel from the legal team at the Bradford Law Offices, PLLC. Call (919) 758-8879 today.