California-based MMFX Steel Corporation of America and its parent company, MMFX Technologies, filed for bankruptcy protection in order to resolve disputes with creditors over their outstanding debts. Company executives filed the bankruptcy yesterday in the U.S. Bankruptcy Court in Santa Ana, California.
The filing states that MMFX owes almost 50 creditors between $50 and $100 million. The company listed assets in the same range. The company’s largest creditor, Fourth Third, is owed $37.2 million. Investment Funding Inc., MMFX’s second largest creditor, is owed $5.4 million.
Company president Michael W. Pompay stated, “MMFX has no choice but to file for protection under the bankruptcy code in order to ensure that it is able to take advantage of the highest and best offer”.
Bankruptcy offers individuals and companies an opportunity to pay off their debts and avoid unnecessary complications. If you have questions about negotiating your debt, contact the Milwaukee debt negotiation lawyers of DeLadurantey Law Office, LLC at 414-377-0518 today to set up an appointment with one of our experienced bankruptcy attorneys.