SPRINGFIELD, Mo. (KY3) – Thai Express has filed for Chapter 11 bankruptcy, with the filing estimating liabilities between $100,000 and $500,000.
In an online post, owner Patrick Nett said the filing allows the West Republic Road restaurant to reorganize its debt and that there are no plans to close the business.
The Chapter 11 filing comes weeks after Nett filed for Chapter 7 bankruptcy.
What is Chapter 11 bankruptcy?
According to the U.S. Courts website, a Chapter 11 filing is frequently referred to as a “reorganization” bankruptcy. The debtor typically remains in possession of the business, retains the powers and duties of a trustee, may continue to operate and may, with court approval, borrow new money…