Web feature: Bankruptcy spares Davies-Reid from block
Thursday, January 21, 2010
By Ben Cannon
JACKSON HOLE, WYO– A Jackson retailer in financial straits filed for
bankruptcy last week, sparing it from a foreclosure auction that would
have put one of the Town Square's most historic buildings on the block.
Davies-Reed, which occupies the former Jackson Drug building, was
scheduled to be auctioned on Monday, but owners Terry Reid and Sharon
Davies filed for Chapter 11 protection days before, on Jan. 15.
Chapter 11 protects individuals and businesses from foreclosure and
other penalties and buys them some time to reorganize their affairs.
According T.J. Angstman, the Boise attorney representing Reid and Davies, of Boise the
owners have been in a loan dispute with Bank of America since the bank
declined to renew a line of credit, causing them to default on some
real estate loans from the bank.
The gallery owners intend to submit a plan of action by Jan. 25
explaining how they can cure defaults on existing real estate loans and
pay off credit lines, Angstman said in a statement.
Davies-Reid is a luxury rug and gift shop with locations in Park City, Utah, and Ketchum and Boise, Idaho. JHW
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