Morgan Group Holding Co. announced that The Morgan Group Inc. has issued a press release reporting that its board of directors passed a resolution for the company and two of its operating subsidiaries to file for bankruptcy protection within days.
The Morgan Group Inc. and two of its wholly owned operating subsidiaries, Morgan Drive Away Inc. and TDI Inc., intend to pursue a Chapter 11 liquidation of all assets and liabilities. Morgan Drive Away is a mobile home, recreational and commercial vehicle hauler.
The Morgan Group Inc.'s liability insurance expired Oct. 3 and it has been unable to secure replacement insurance. The Elkhart, Ind.-based company is required by federal law to cease operating motor vehicles without required minimum levels of liability insurance.
MGHL is a holding company that consolidates financial statements with the Morgan Group Inc., in which MGHL has a 64.2% ownership interest and a 77.6% voting interest.
For more information, call Robert E. Dolan or John Fikre at (914) 921-1877.
Morgan Group Plans To File For Bankruptcy Protection
Morgan Group Holding Co. announced that The Morgan Group Inc. has issued a press release reporting that its board of directors passed a resolution for the company and two of its operating subsidiaries to file for bankruptcy protection within days
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