Did you hear?… Superior Fitness liabilities twice its listed assets

In court documents filed with the U.S. Bankruptcy Court, Western District of North Carolina, Superior Fitness executives have noted that liabilities, both secured and unsecured, total $2.1 million.

Assets were listed on the documents as just over $1 million.

Of all the fitness suppliers listed as unsecured creditors, Precor was the highest, reaching $414,193. All others were owed five figures or less, with for example Matrix listed as owed $60,694 and Hoist as $64,065. Most were listed as owed only three or four figures.

In addition, Wayne McCarty, president, and Paul Harwood, vice president, who had a 50-50 split of the business, showed business income for 2009 to date in the papers filed Sept. 23, 2009, as $9 million. In 2008, income was listed as $15 million, compared to $17 million in 2007.

Two hearings are scheduled this month on request of BB&T Equipment Finance Corp. and Creditor Branch Banking and Trust requesting relief from the stay on actions issued per bankruptcy filings.

To read a Sept. 21, 2009, SNEWS® story, “Veteran retailer Superior Fitness files for bankruptcy liquidation,” click here.

–Therese Iknoian