by Companies include a wide mix of suppliers and services rendered for its domestic upholstery manufacturing operations
PONTOTOC, Miss. — The Top 20 unsecured creditors in the Southern Motion Chapter 11 bankruptcy have more than $8.3 million in claims against the company, according to recently filed documents.
The claims are from a mix of the upholstery manufacturer’s suppliers including mechanism producers along with motor carrier and freight brokers to leather products and fabrics.
Unlike secured creditors, these companies do not have a claim to specific collateral such as a property, vehicle or equipment and must rely on the debtor’s “general assets” in the event of a liquidation. Thus with no specific guarantees in place, they often are at the mercy of the court in collecting the monies they are owed.
The companies in this case and the amounts they are owed are as follows:
+ Kuka Trade Co. Ltd. – $4,624,379
+ Remacro Technology Co. – $875,748.06
+ Superb Creation Ltd. – $281,818
+ Landstar Ligon Inc. – $235,689.02
+ FXI Inc. $223,970.41
+ Westrock – $$197,222.10
+ DSV Air & Sea Inc. – $179,391.96
+ Leggett & Plant (Bau Bang) Co. Ltd. – $179,120.70
+ S.M. Lawrence Co. – $163,679.10
+ Kaidi LLC – $156,958.36
+ JBS Leather Asia Ltd. – $143,002.77
+ Z Wovens – $137,337.83
+ Dewertokin Techn Group – $134,770.7
+ Crest Leather – $121,534.18
+ Kaidi Vietnam – $119,092.94
+ Remacro Machinery & Technology (Vietnam) – $114,760.64
+ Rees-Memphis Acquisition LLC – $114,046.69
+ Elite Comfort Solutions LLC – $105,327.10
+ Haining Imagine – $99,748.25
+ Tongxiang Longxiange Trading – $97,710.79
The money owed these companies is in addition to the money owed on building leases, employee wages, insurance payments, commissions plus taxes and fees as well as its obligations for accrued but unpaid PTO, sick leave and vacation time.
According to bankruptcy documents, Southern Motion does not have any secured debt obligations as company parent Man Wah loaned Southern Motion funds to satisfy its secured debt owned to JP Morgan Chase & Co.
Home News Now will continue to follow the case and provide updates as they occur.
