Audioplex files for Chapter 7 protection
June 16. 2014 8:39PM
Audioplex Technology Inc., plans to liquidate $260,000 in inventory after it filed for Chapter 7 bankruptcy last week, according to published reports.
The maker of multi-room audio products listed nearly $802,000 in assets and $625,000 in liabilities, including $454,000 in secured claims by Bayview Loan Servicing, holder of two mortgages on Audioplex’s Tuftonborough facilities, according to CE Pro magazine, which focuses on the custom electronics business.
Information about the filing also was posted by businessbankruptcies.com.
The other three major creditors are two credit card companies ($86,000) and the law firm of McLane, Graf, Raulerson & Middleton ($28,000), the magazine said.
Audioplex inventory to be liquidated included speaker selectors, wallplates and volume controls.
Company principals listed in the Chapter 7 filing are Ronald and Nancy Ingham, according to the magazine.