When the Taste of Minnesota food and music festival announced that it had no way of taking care of its debts, its creditors came together as a group to file a bankruptcy petition. Twelve creditors are involved in the petition that is calling for an involuntary Chapter 7 bankruptcy against the company responsible for holding the festival, International Marketing, LLC.

Although an exact amount is unclear at this time, the creditors are claiming that IEM owes around $1 million, $100,000 of which goes to the city of St. Paul. So far, the petition calls for $237,000 to be collected from the negligent company.

While International Marketing LLC can fight the petition, it seems unlikely that it will. Sam Stern, an attorney for several of the creditors, strongly believes that IEM will be forced to accept the petition. This all comes after Andy Faris, President of IEM, sent a letter out to its creditors in October stating the company's inability to pay off existing debts at that time.

Thinking about filing for Chapter 7 in Houston?  Contact our firm to speak with a Houston bankruptcy lawyer.