"Callaway Arts & Entertainment, Inc. filed for Chapter 11 bankruptcy protection, blaming predatory lenders for its financial struggles. The company reported assets and liabilities between $1 million and $10 million."
"CEO Nicholas Callaway highlighted that the COVID-19 pandemic caused traditional funding sources to dry up, forcing the company to turn to predatory alternate lenders, which adversely affected the business."
"The court papers indicate that Toper Taylor, who owns 15% of the company, is the sole secured creditor, complicating the repayment process for unsecured creditors."
Callaway Arts & Entertainment, a New York City-based publisher, filed for Chapter 11 bankruptcy protection, citing predatory lenders and the impact of the COVID-19 pandemic. The company, known for high-profile illustrated books, reported assets and liabilities between $1 million and $10 million. CEO Nicholas Callaway noted that traditional funding sources dried up during the pandemic, forcing the company to seek alternative financing. The company owes over $4 million, with Toper Taylor as its sole secured creditor, complicating the repayment process for unsecured creditors.
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