Alarm Co. Select Security Hits Ch. 7 With $93M In Debt

Law360 (June 16, 2021, 6:22 PM EDT) -- Alarm company Select Security has filed for Chapter 7 liquidation in Delaware bankruptcy court with nearly $93 million in debt, six months after selling nearly all its assets to Brinks Home Security.

Pennsylvania-based Kourt Security Partners LLC — which did business as Select Security — filed a bankruptcy petition Tuesday, saying it has a little more than $3.6 million in assets remaining after selling off its alarm monitoring business late last year to reduce its secured debt.

According to the petition, Kourt — which installed and monitored home and business security systems — has just over $81.1 million in secured debt,...

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