CHARLOTTE — Wild Wing Café is objecting to a legal move that would block its reorganization under Chapter 11 bankruptcy protection.
The U.S. Bankruptcy Administrator for the Western District of North Carolina filed a motion in late April seeking to convert the case to a Chapter 7 liquidation or dismiss it, if that is in the best interest of creditors. That motion states cause to convert or dismiss including gross mismanagement, failure to file timely reports and failure to pay taxes.
But a May 14 court filing by Charlotte-based Wild Wing — which filed under multiple limited-liability entities headlined by Aetius Companies LLC — says that a proposed reorganization plan has been filed which provides “meaningful recovery for all creditors.”
It asks the court to deny the bankruptcy administrator’s attempt to shut down Wild Wing’s business, allowing it to move forward with reorganization. It states the bankruptcy administrator cannot meet the burden of showing there is no hope of rehabilitation.
Read the full story on CBJ’s website here.
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