Business Services Industry
Creditors Seek Ruling over Seattle-Based Car-Warranty Firm.
Knight Ridder/Tribune Business News, December, 2001
By Luke Timmerman, The Seattle Times Knight Ridder/Tribune Business News
Dec. 28--Warranty USA, a Seattle-based company that sells extended warranties for old cars, has been forced into a court-ordered receivership that will decide its fate.
It is technically not considered a bankruptcy, but the Seattle-based company is facing at least 17 creditors and thousands of customers with unpaid claims for car repairs. At the head of the creditors' list is AI Credit, a lender that claims it is owed more than $30 million, said Larry Ream, a Seattle attorney representing AI.
On Jan. 11, U.S. District Judge Marsha Pechman will hear the receiver's report, Ream said.
"The receiver's job is to determine whether the company should operate or...
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