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SOUTH CAROLINA
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Advertising agency closes its doors after Chapter 7 filing

While the American economic landscape is recovering from the recession that began in 2008, many businesses are still feeling the effects of that tumultuous time. Both here in South Carolina and elsewhere across the nation, businesses are still facing financial challenges in the form of mounting debt. In response, some businesses, including the out-of-state advertising agency Meridian-Chiles, have chosen to file for Chapter 7 bankruptcy to meet these challenges.

Founded in 1988 and amalgamated in 2012, Meridian-Chiles was one of the best-performing advertising agencies in their area. However, business began to decline in 2008 when the recession hit. Representation for the company has expressed a belief that the financial downturn struck the company harder than expected, leading to a general decrease in revenue.

Currently, the company lists assets of almost $680,000 against debt totalling in the region of $4.7 million. Well over a hundred creditors are listed, most of them unsecured, with the largest being Central Bank & Trust Co., which is owed for a draw loan of $2.5 million. The listing suggests that most of the creditors are media outlets, which is hardly surprising considering the agency's primary services. The company officially closed its doors as of May 20.

Chapter 7 bankruptcy can be a useful option for struggling businesses facing issues of mounting or insurmountable debt. Through a Chapter 7 filing, South Carolina business owners are given the option of liquidating company assets rather than relying on personal assets to satisfy debt. This can be crucial in allowing those business owners to return to the market in a financially stable way.

Source: bizlex.com, "Meridian-Chiles Declares Bankruptcy, Closes", Susan Baniak Meridian-chiles, May 21, 2014

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