Professional Carwashing & Detailing

Owner’s bankruptcy filing halts carwash auction

April 25, 2012

BRADENTON, FL — The owner of a carwash here filed Chapter 11 bankruptcy to halt a public auction of the property on March 30, the Herald-Tribune reported.

The April 16 story stated that the owner of Andy’s Car Wash listed $400,000 in assets and $1.134 million in debts. K&MD LLP purchased the 4,770-square-foot carwash for $1.32 million in September 2005.

The company defaulted on a $1.2 million loan in February 2010. First Bank completed foreclosure proceedings in February 2011 and scheduled the public auction for March 30, 2012.

Court documents show that the bankruptcy filing was a result of the foreclosure, and the debt to First Bank is listed as the only liability. The company further reported gross revenues of $240,000 in 2009 and $245,000 in 2010.