In court documents filed with the U.S. Bankruptcy Court, Western District of North Carolina, Superior Fitness executives have noted that liabilities, both secured and unsecured, total $2.1 million.
Assets were listed on the documents as just over $1 million.
Of all the fitness suppliers listed as unsecured creditors, Precor was the highest, reaching $414,193. All others were owed five figures or less, with for example Matrix listed as owed $60,694 and Hoist as $64,065. Most were listed as owed only three or four figures.
In addition, Wayne McCarty, president, and Paul Harwood, vice president, who had a 50-50 split of the business, showed business income for 2009 to date in the papers filed Sept. 23, 2009, as $9 million. In 2008, income was listed as $15 million, compared to $17 million in 2007.
Two hearings are scheduled this month on request of BB&T Equipment Finance Corp. and Creditor Branch Banking and Trust requesting relief from the stay on actions issued per bankruptcy filings.
To read a Sept. 21, 2009, SNEWS® story, "Veteran retailer Superior Fitness files for bankruptcy liquidation," click here.