Nexity’s Holding Company Files for Bankruptcy

Bloomberg reports that Nexity Financial Corp. has filed for bankruptcy. According to Bloomberg, “The Birmingham, Alabama-based company listed both assets and debt of as much as $50 million today in Chapter 11 documents in U.S. Bankruptcy Court in Wilmington, Delaware.”

On July 15, the company reached an agreement to restructure their debt with 88 percent of the debt holders. The debt is currently valued at $36 million. The Chapter 11 case would be the final chapter in the restructuring of the company’s debt.

According to Bloomberg, September will mark the absence of the company’s quarterly reports to the SEC at two years. Regulators have already issued a cease and desist order for the bank.

Our economy has fallen on hard times, and sometimes it can seem like there is no way out. If your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Lawyer at Greenway Bankruptcy Law, LLC, by dialing (205) 324-4000.

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.