TIRES RIMS AND PARTS, LLC Bankruptcy Filing

TIRES RIMS AND PARTS, LLC Filing Information

TIRES RIMS AND PARTS, LLC filed for bankruptcy on October 4, 2024, with case number 24-13582, in the Pennsylvania Eastern Court. The corporation, which has not provided public information about the reasons behind its financial struggles, is now seeking relief under Chapter 11 of the US Bankruptcy Code. Judge Patricia M. Mayer will preside over the case. The debtor's address on record is 1807 Sweet Gum Drive in Norristown, PA. This marks a significant development for TIRES RIMS AND PARTS, LLC as it seeks to restructure its debt and move forward with a plan to restore its financial stability.

TIRES RIMS AND PARTS, LLC has filed for bankruptcy, marking a significant milestone for the company. According to recent reports, the business, which operates in the tire and wheel industry, has assets valued between $100,001 and $1,000,000. This range suggests that the company's assets are modest, potentially indicating a smaller scale of operations. The number of creditors listed on the bankruptcy filing is 12-20, placing it firmly within the category of companies with one to 49 creditors. Furthermore, the liabilities range between $1 million and $10 million, suggesting significant debt for the business. As a tire and rim supplier, TIRES RIMS AND PARTS, LLC likely faces stiff competition from larger industry players, which may have contributed to its financial struggles leading up to this filing. The details of the case will likely be scrutinized in coming weeks as creditors and stakeholders navigate the bankruptcy process.

TIRES RIMS AND PARTS, LLC indicated on its bankruptcy petition that it does not expect there will be sufficient assets in the estate to make a payment to the unsecured creditors. This is a bad sign for creditors as it implies that no recovery is likely.