Bravo Trailers closes as bank seeks to recover $7.9M [Yahoo! Finance]
CRYSTAL VALLEY FINCL CORP (CYVF)
Company Research
Source: Yahoo! Finance
Multiple employees at Bravo Trailers have reported receiving messages from the company saying it “will cease to exist” as of Tuesday. Company President Mitchell Bender warned that 118 employees would lose their jobs and health insurance, according to court documents filed by First State Bank of Middlebury. The bank is seeking to recover $7.9 million it says Bravo Trailers borrowed and failed to repay. First State Bank says it is now entitled to all of the trailer maker's property, though it does not know the full value because the company has not turned over those records. The bank told the court Bravo Trailers is past due on its utilities by $47,269 and received a disconnect warning, putting its property at risk of frozen and burst pipes this winter. The judge's order entered Wednesday allows First State Bank to act to prevent freeze damage at the factory at 19319 C.R. 8. Elkhart County Circuit Court Judge Michael Christofeno authorized the bank to conduct emergency winterizat
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