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Jan 9, 2023 · Did Interior Define go bankrupt? Not exactly. The company has entered into a similar legal process called “assignment for the benefit of creditors,” also known as an “ABC.” As part of the ABC, Interior Define as a legal entity will be dissolved and its remaining assets will be liquidated.
Jan 4, 2023 · Updated February 21st, 2023 to extend the contact date to February 24th. First and foremost, on behalf of the Interior Define community, we want to apologize. During 2022, Interior Define, Inc.’s business experienced several months of severe financial hardship.
Feb 3, 2023 · In late December, running out of cash and owing about $26 million to secured creditors, Interior Define chose to liquidate through an assignment for the benefit of creditors — a bankruptcy...
Jan 4, 2023 · Interior Define has entered into a legal process akin to bankruptcy, an “assignment for the benefit of creditors” or “ABC.” In simple terms, Interior Define as a legal entity—along with its debts—will be dissolved (the company has since posted an explanation of the process on its Instagram account).
Apr 14, 2023 · Interior Define, which struggled much of last year with order backlogs, dwindling cash reserves and mounting debt, owed four secured lenders about $25 million in late 2022, but the balance...
Feb 27, 2023 · Ultimately, Interior Define and Havenly worked out a somewhat complex arrangement, in which Interior Define—the legal entity—was dissolved in a bankruptcylike process called an “Assignment for the Benefit of Creditors,” or “ABC.”.
What is an ABC? An ABC is an out-of-court alternative to bankruptcy under Illinois common law that seeks to avoid costly legal and court fees of a bankruptcy case in an effort to maximize creditor recoveries. To be clear, Interior Define, Inc. did not file for bankruptcy. 6. Why did Interior Define, Inc. agree to an ABC?
