(Aug. 15, 2:47 p.m.) With more than $10.6 million in outstanding debts and about $4.9 million in assets, Irwindale, Calif.-based Tanimura Distributing Inc. filed for Chapter 7 bankruptcy.
The business ceased operations shortly before filing for bankruptcy on Aug. 13, said David Golubchik, an attorney with Los Angeles-based Levene, Neale, Bender, Rankin & Brill LLP, which is representing Tanimura Distributing.
According to court documents, Tanimura Distributing was operating at a net loss in excess of $360,000 in January through March of 2008 and had a net loss of nearly $250,000 in 2007.
The company moved from the Los Angeles terminal market in late 2007 to a new 80,000 square-foot facility in Irwindale formerly occupied by FreshPoint Southern California.
Of its debts, $1.39 million is in secured debt owed to Los Angeles-based AgriCap Financial Corp.
Its unsecured debts are owed to about 150 different parties, the largest being $4.2 million in loans to the business by what appears to be family members. Kirby and Yoly Tanimura made up $2.4 million of that, Teri Tanimura was listed at $800,000, Lori Tanimura was owed $500,000 and Cheri Tanimura was owed $500,000.
Other creditors owed in excess of $100,000 were:
The U.S. Bankruptcy Court in the Central District of California set a meeting of creditors for the case, No. 2:08-bk-22644-TD, at 11 a.m. Sept. 10 in Los Angeles. The deadline to file a proof of claim, according to court documents, is December 9, 2008.
Calls to the company were not answered.