Nashville timber firm files for bankruptcy
Ray Rogers Timber Co. of Nashville filed for Chapter 11 bankruptcy last month, listing debts of less than $2.5 million and estimated assets of $1 million to $10 million.
The company’s largest creditors include the U.S. Small Business Administration, which is owed about $200,000; First State Bank of Nashville, owed about $150,000; Bank of the Ozarks, owed about $105,000; Farm Bureau Bank of Cincinnati, owed about $20,000; and Southern Bancorp of Arkadelphia, owed about $15,000.
The total claim owed to Southern Bancorp is $345,200, but it is backed by $330,000 in collateral.
Rogers estimated his firm sold more than $1 million in timber from January to May but had a net loss of about $45,000.
Under Chapter 11 bankruptcy, the firm is expected to be reorganized and to continue operation.