A Kentucky produce wholesaler has filed for bankruptcy.
Russell Springs-based Branscum Produce LLC filed for Chapter 11 protection Aug. 6 in U.S. Bankruptcy Court, Western District of Kentucky.
The company has liabilities of less than $500,000, and assets of less than $50,000, according to court documents.
The company owes most to Newport, Ky.-based The Castellini Co. ($164,819) and Memphis, Tenn.-based G.W. Palmer ($94,512).
In court documents the company says it estimates it will have funds for distribution to creditors. In documents company manager Joseph Branscum is listed as the debtor.
Before the company filed for bankruptcy protection, its average days to pay was 42 days, according to a Red Book Credit Services report.
Scott Bachert, the debtor attorney, can be reached at (270) 782-3938. Joseph Golden, the U.S. trustee, can be reached at (502) 582-6000.
Creditors are scheduled to meet on Oct. 8 in Bowling Green, according to the Red Book report.