Current Bankruptcy Filings

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Among the companies currently filing for bankruptcy are Searcy-based Yarnell’s Ice Cream Co, the last locally-owned ice cream producer in Arkansas and Harry & David Holdings Inc., the gift box retailer that has been selling fruit by mail since the 1930’s. Yarnell’s Ice Cream filed for Chapter 7 bankruptcy last week while Harry & David Holdings has just had their Chapter 13 bankruptcy application approved by the bankruptcy court. US Bankruptcy court judge Mary Walrath of Wilmington, Delaware signed the final confirmation of Harry & David Holdings’ reorganization plan paving for the company to exit bankruptcy September 13.

Meanwhile, Yarnell’s Ice Cream Co may yet be revived if a suitable investor is found to buy over the company, subject to the approval of the bankruptcy court. In its bankruptcy papers, Yarnell declared that it had assets worth $8 million and liabilities of $15.7 million. Out of this $15.7 million, about $4 million is money owed to the state comprising $2.1 million to the Arkansas Development Finance Authority and $1.9 million to the Arkansas Economic Development Commission. The Commission is presently working with the bankruptcy trustee to resolve this matter. According to the Commission’s spokesman, Joe Holmes there have been various interested parties who have made offers to buy the company.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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