Money Tree Enters Ch. 11 Protection With $100M In Debt
Law360, New York (December 20, 2011, 6:38 PM EST) -- Georgia-based payday lender The Money Tree Inc. and four affiliates filed voluntary petitions for Chapter 11 protection Friday in Alabama bankruptcy court, citing $68 million in assets, nearly $100 million in debt and general pressure from the credit crunch.
In an 8-K filing Monday with the U.S. Securities and Exchange Commission, the company and affiliates Small Loans Inc., The Money Tree of Louisiana Inc., The Money Tree of Florida Inc. and The Money Tree of Georgia Inc. said they would continue to operate as debtors-in-possession as they seek to exit bankruptcy.
"As with nearly all consumer lenders throughout the country, The...
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