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Jonesboro farmers file $11 million bankruptcy.

Two Jonesboro farmers recently filed for Chapter 7 bankruptcy protection, listing total debt of $10.9 million and only $5.2 million in assets.

Adam and Keith Nichols, who own Nichols Farm Partnership, Hogan & Nichols Farm Partnership, Nichols Equipment Inc. and Nichols Land Co. LLC, each filed his own bankruptcy petition.

Adam Nichols listed his debt at $6.23 million and his assets at $2.27 million. He had $3.1 million in secured claims and $3.1 million in unsecured debt.

Keith Nichols listed his debt at $4.73 million with assets of $2.95 million. He had $3.1 million in secured claims and $1.6 million in unsecured debt.

The largest unsecured creditor was Union Planters Bank of Jonesboro, with a total of $3.5 million of unsecured claims against Nichols.

Adam Nichols listed his income from farming in 2004 as $25,000. He received the same amount in 2003. Keith Nichols listed his income from farming at $60,000 in 2004 and 2003.

Neither Adam nor Keith Nichols could be reached for comment. Their attorney, Ray NicHe of Jonesboro, didn't return a call seeking comment.
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Title Annotation:NW Journal: A Look at News From Northwest Arkansas
Author:Friedman, Mark
Publication:Arkansas Business
Article Type:Brief Article
Geographic Code:1U7AR
Date:Jul 4, 2005
Previous Article:Ozarks Electric Co-op hits 60,000 meter mark.
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