Danny’s Family Cos add to Bankruptcy filing 0
The number of bankruptcy filing instances is a kind of indication of the health of the economy. If one were to go by this yardstick, you would know as to how poorly the US economy was faring. This is one reason why when you see so many companies going down under, you tend to get a little worry about how the economy is doing. To add to the list of failing companies is Danny’s Family Cos which has as many as 20 companies under its name under the Chapter 11 bankruptcy filing. The company has added all its 18 Valley car wash companies to the list of bankruptcy filing along with 2 other entities leading to a total of 20 companies under the bankruptcy filing instance.
Danny’s is blaming the M&I Bank for this debacle, because Danny states that while it has made all its payments to M&I, the bank has declared Danny’s to be in a kind of momentary default. This has led to charges that the bank has not been very fair with its dealings with Danny’s, leading to its problems with bankruptcy filing. All of this can be quite and is indeed quite distressing for a company that has been in financial troubles and wants to restructure itself so that it comes out of bankruptcy filing.
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