Port Allen lending firm files for bankruptcy
West Baton Rouge Credit Inc., a Port Allen-based lending agency, has filed for Chapter 11 bankruptcy.
The company owes as much as $6 million to 20 unsecured creditors, according to documents owner Todd Cutrer filed Tuesday in a Baton Rouge federal bankruptcy court.
Reached this morning, Cutrer declined to comment. His attorney, Pamela Magee, could not be reached for comment before this morning’s deadline.
According to the petition, West Baton Rouge Credit has estimated assets between $1 million and $10 million, and the same amount of liabilities.
While risky and potentially expensive, Chapter 11 bankruptcy gives small businesses the option to restructure their finances through a reorganization plan.