Celerex Corp. files Chapter 11 bankruptcy.SEATTLE--(BUSINESS WIRE)--March 17, 1995--Celerex Corp., a company engaged in the electronic payment systems and service business, announced today that it had filed a voluntary petition for reorganization under Chapter 11 of the federal Bankruptcy Code Bankruptcy Code may refer to:
Under Chapter 11, a company continues to operate under court protection from creditors while seeking to work out a plan of reorganization. In schedules filed together with its Chapter 11 petition, Celerex reflected assets of $262,373.02 and debts to approximately 130 creditors aggregating $1,415,589.86, of which $1,123,833.39 was listed as secured debt and $291,756.47 as unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. . Celerex expects that its bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filing will not disrupt service to its customers. It hopes to file a Plan of Reorganization in the near future. The common stock of Celerex is publicly traded on the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Over-the-Counter Bulletin Board under the symbol "CEXY." CONTACT: Celerex Corp., Seattle Barry Allen, 206/869-7200 |
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