It appears to be the season for Arizona car wash companies to file for Chapter 11 bankruptcy. Last week, Metro Car Wash of Tucson filed for bankruptcy protection. Just a few weeks ago, the owner of the Valley’s own Danny’s Family Car Wash had its plan of reorganization confirmed.
A common motivating factor for car wash companies, as with many businesses seeking Chapter 11 relief, is to reduce or modify secured debt. The owner of the Metro Car Wash said his company’s aim was “to reamortize some loans to increase our cash flow month-to-month.”
If you are considering requesting Chapter 11 bankruptcy protection, you should consult with an attorney familiar with Chapter 11 bankruptcies to discuss your options. For a free consultation, call (480) 422-3440.