$1M
Chapter 7 Bankruptcy (Business)
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Case Details
An activated carbon company filed for Chapter 7 bankruptcy due to unexpected higher costs and design issues. The company's liabilities were between $1 million and $10 million.
Additional Notes
The company, originally based in Mississippi, was accused of substandard work, missed deadlines, and property damage. Its attorney stated that due to bankruptcy and no assets, the state would not be able to collect fines or enforce license revocation.