Spiraling Mortgage Debt Drives Gas City Into Ch. 11
In a petition filed Tuesday in the U.S. Bankruptcy Court for the Northern District of Illinois, Gas City listed assets of less than $100 million and liabilities of between $100 and $500 million.
Frankfort, Ill.-based Gas City owes about $29.6 million to Bank of America NA, its prepetition lender, and more than $225 million...
To view the full article, register now.