Ga. Holding Co. Lists 25,000-Plus Creditors In Ch. 7 Filing

Law360, Wilmington (July 13, 2012, 4:41 PM EDT) -- Georgia-based National Service Industries Inc. filed for Chapter 7 protection in Delaware bankruptcy court Thursday, listing at least $50 million in liabilities to more than 25,000 creditors and assets of less than $500,000.

The Atlanta-based company gauged its liabilities between $50 million and $100 million and its creditors as between 25,000 and 50,000, according to the voluntary petition submitted by Chairman and CEO Michael R. Kelly. Its assets lie between $100,000 and $500,000.

Kelly is the founder and CEO of Kelly Capital LLC, a San Diego-based...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.