One company will not only lose their corporate sponsorship of a popular basketball team but may also be forced to pay out tens of millions of dollars to its customers.
Although information regarding the bankruptcy of a popular silicone bracelet maker is scarce, it is known that the company filed for Chapter 11 bankruptcy earlier this month. This came as a shock and particularly bad news for the Sacramento team which has come to depend on the sponsorship. The team had planned on building a new stadium with funds provided by the bracelet company.
Since the team is listed as an unsecured creditor, the $100,000 it is currently owed will take a backburner to creditors on the secured debts list. At this time, however, the team is still claiming to have a five-year partnership deal with the company until further notice.
If your company is drowning in debts, you may want to consider filing for Chapter 11 bankruptcy. Take the time to contact the Malaise Law Firm today to arrange a time to consult with one of our San Antonio bankruptcy lawyers.