Falcon Hyundai files for bankruptcy
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- May
- 23
A Hyundai dealership and service center in Bedford Hills is closed and has filed for federal bankruptcy protection, blaming the economy for a downturn in sales and leasing that began affecting it in 2007.
Falcon Motors Inc., doing business as Falcon Hyundai at 774 N. Bedford Road, filed late Thursday for Chapter 11 protection at bankruptcy court in White Plains. The company said in court papers that it is seeking a buyer and is trying to refinance obligations owed to its biggest creditor, Hyundai Motor Finance Co.
Hyundai Motor Finance is owed $729,000, according to the filing. Falcon’s secretary-treasurer, Ariel Tehrani, said in the filing that Hyundai Motor obtained a federal order of seizure on April 14 for nearly all of the company’s inventory. It later repossessed the vehicles and planned a private sale that was scheduled for as early as today.
Falcon reported total assets of $2.25 million, and total liabilities of $1.01 million. No hearing has been scheduled yet in the case, said Falcon’s attorney, Jonathan S. Pasternak in Harrison.
The company was formed in 2006.
This entry was posted
on Friday, May 23rd, 2008 at 1:13 pm by Jerry Gleeson.
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Category: In the courts, Shutting down, Winding down
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