Bank seeks receiver, liquidation of Albany candy maker's assets
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Posted 5:27PM on Tuesday, May 14, 2002
ALBANY - Bank of America is seeking a court-appointed receiver to protect assets pledged by Bobs Candies Incorporated as collateral for unpaid loans and to have the business liquidated. <br>
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The candy maker, which began production in Albany in 1919, closed its operations in Albany and Reynosa, Mexico last Friday. More than 650 people at the two plants and company headquarters were put out of work by the decision. <br>
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Bobs owes Bank of America more than eleven million dollars, according to court documents filed Monday in Dougherty County Superior Court. The bank also wants a temporary restraining order to keep the company from moving assets. <br>
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The court papers filed in civil court contend Bobs did not meet the terms of the loan because it exceeded $11.2 million in debt May 10, 2002. <br>
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The bank wants Bobs' equipment, inventory and accounts receivable, as well as company-owned real estate. The bank contends some of the collateral may decline in value if not protected by a receiver.
