Mall developer files Chapter 7 bankruptcy
Bill Schwyhart, one of the primary developers of Pinnacle Hills Promenade in Rogers, filed for Chapter 7 bankruptcy protection Friday in the United States Bankruptcy Court Northern District of Texas.
In the filing, Schwyhart uses a Dallas address. According to the filing, Schwyhart has $500,000 to $1 million in assets, primarily business debts of $50 million to $100 million and between 1 and 49 creditors.
A mailing list to debtors attached to the filing includes J.B. Hunt LLC in Little Rock, as well as Iberia Bank, Liberty Bank, Chambers Bank and Metropolitan National Bank, among others.
Schwyhart worked with late trucking magnate J.B. Hunt and Tim Graham on the development of Pinnacle Hills Promenade Mall, which opened in 2006. After the death of Hunt, his widow, Johnelle Hunt, and Graham sued Schwyhart claiming he defaulted on various loans. In April 2010, eight development companies managed by Schwyhart filed for bankruptcy claiming nearly $42 million in debt.
On May 30, Bentonville-based CHP LLC filed suit in Benton County Circuit Court claiming Schwyhart and several John Doe defendants fraudulently hindered collection efforts in part by pretending to be caretaker of 9 Clubhouse Drive in the Pinnacle Hills Subdivision in Rogers when he actually is the owner of the property through shell company Pinnacle Hills Villa LLC.
-- John Magsam
Chicken supplier says sale closer
Marfrig Global Foods, a Brazilian meat conglomerate, is a step closer to selling Pennsylvania-based Keystone Foods LLC, a chicken supplier to restaurant chains like McDonald's.
In a Friday note to investors, Marfrig said it has "received binding offers for the acquisition," and will give timely updates about the pending sale. Marfrig did not disclose deal specifics.
In May, the company said it narrowed the sale down to five unnamed suitors and would decide on their offers soon.
According to Bloomberg News reports, Springdale-based chicken companies Tyson Foods and George's Inc., were among those in talks to buy Keystone.
-- Nathan Owens
State index closes 1.70 points higher
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed at 445.12, up 1.70, on Friday.
Eleven stocks advanced and five declined. Murphy USA rose 1.8 percent in light trading.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 07/07/2018