Nashville tim­ber firm files for bankruptcy

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - — David Smith

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.

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