McMenamy’s files for bankruptcy

McMenamy’s files for bankruptcy

niles

McMenamy’s Banquet Center filed for Chapter 7 bankruptcy.

The filing was made on May 29 in U.S. Bankruptcy Court Northern District of Ohio by Kelly Green’s Investment Inc., the company that owns and operates McMenamy’s.

Chapter 7 bankruptcy involves the selling of the debtor’s nonexempt assets and uses the proceeds to pay those who are owed. The bankruptcy laws allow the debtor to keep certain exempt property, but remaining assets are liquidated.

The company shows no assets and $1.77 million in liabilities, according to its bankruptcy filing.

Kelly Green’s owes just over $56,000 to several government agencies including the city of Niles, Internal Revenue Service, Ohio Attorney General’s Office and the Ohio Department of Taxation. The largest debt is the $1.64 million the company owes to U.S. Bank.