International Galleries in $13.8M bankruptcy

by louabbott on February 17, 2006

Dallas, TX – Published February 17, 2006

International Galleries Inc., which recently filed for Chapter 11 bankruptcy protection, is now moving to auction off the company.

In a quickly evolving case, International Galleries Inc., an Addison-based art seller with thousands of customers nationwide, filed for Chapter 11 on Jan. 31. Chapter 11 bankruptcy protection gives a company a chance to reorganize while creditors are prevented from trying to collect what’s owed them.

On Feb. 13, IGI requested authorization from the court to auction off the company in the next 30 days, according to court filings.

At press time, it was unclear whether IGI would be given the court’s approval.

The company has racked up at least $13.8 million in debt, according to the bankruptcy filing. IGI has $12.7 million in assets, including art valued at $9 million and $300,000 in equipment.

Read the entire article at the Dallas Business Journal

Also, read our company overview:  IGI Facts, News and Review

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{ 1 comment… read it below or add one }

Gamaliel rios April 3, 2011 at 6:27 pm Thumb up 1 Thumb down 0

In 2005 i pay over 5,000 dollars you have any new info about the compay i live in california/
I hope i have new info thank you

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