GT Advanced Technologies wasn’t the only New Hampshire company filing for bankruptcy in October, but the Merrimack-based materials manufacturing company and its affiliates did account for more than half of the business-related filings in the state.
Of the 19 business-related filings, nine were affiliates of GTAT, which – at $1.5 billion in assets at the time of filing – was the second-largest bankruptcy in state history. Still, GTAT has a good chance of coming out of Chapter 11 reorganization with at least part of its business intact. Most of the other businesses filing for bankruptcy in October have shut down and liquidated.
Six of those filings were personal bankruptcies related to recent business debt. As in past practice, NHBR will list the related businesses that caused the debt, not the individuals actually filing.
Overall, there were 248 New Hampshire bankruptcy filings in October, 27 percent more than September, the second sharp monthly increase in a row, though it’s still 15 percent lower than October 2013, and the smallest number of October filings since 2006.
• Ashland Boat Detailing, Plymouth, filed Oct. 3, Chapter 7. Assets: $77,550. Liabilities: $102,255. (Company closed in 2013).
• Smart Women & Co., The Smart Advertiser, Bradford, filed Oct. 3, Chapter 7. Assets: $130,775. Liabilities: $152,419.
• Dynamic Defense Concepts, Strafford, filed Oct. 4, Chapter 7, Assets: $202,950. Liabilities $239,886.
• GT Advanced Technologies, Inc., Merrimack, filed Oct. 6, Chapter 11. Assets: $1.5 billion. Liabilities: $1.3 billion. (Business Filing. Eight related filings include GT Equipment Holdings Inc., GTAT Corp. GT Advanced Technologies Ltd., Lindbergh Acquisition Corp., GT Sapphire Systems Group LLC, GT Sapphire Systems Holding LLC, GT Advanced Cz LLC, GT Advanced Equipment Holding LLC).
• Grafin Properties LLP, Lebanon, filed Oct. 7, Chapter 11. Assets: $100,000 to $500,000. Liabilities: $1 million to $10 million.(Business filing).
• Nonni's New London LLC, dba Nonni's Italian Eatery, New London, filed Oct. 9, Chapter 7. Assets: $10,000. Liabilities: $151,203. (Business filing. Business closed in 2013.)
• Frontier Medical Services, Gilford, filed Oct. 15, Chapter 13. Assets: $295,672. Liabilities: $372,684.
• Papa Joe Traveling Storytelling, Derry, filed Oct. 23, Chapter 7. Assets: $2,135. Liabilities: $97,934.
• A&M Pawl Enterprises LLC, dba USA Subs, Salem, Derry, filed Oct. 27, Chapter 7. Assets: Less than $50,000. Liabilities: $100,000 to $500,000. (Business filing).
• Umbrella Productions, Warner, filed Oct. 31, Chapter 7. Assets: $62,371. Liabilities: $74,150.
• Community Electric & Lighting Supply Inc., dba The Lighting & Design Center, Derry, filed Oct. 31, Chapter 7., Assets: $408,762. Liabilities: $1,259,739. (Business filing).
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