Kentucky based Sunstrand recently filed for Chapter 7 bankruptcy. The owner William “Trey” Riddle filed in federal court in Louisville in order to liquidate. It’s unclear whether the company is still operating.
The company focuses on processing hemp fiber. Riddle did not respond to a request for comment on the bankruptcy filing. During the proceedings, Sunstrand and Riddle owe more than $10 million to creditors while carrying from $100,001 to $500,000 in assets. The list of creditors includes the IRS, Jefferson County Sheriff’s Office, Kentucky Department of Revenue, Indiana Department of Revenue, Kentucky Labor Cabinet, Louisville Metro Revenue Commission and Carroll County Fiscal Court, as well as multiple lenders.
According to the press: “Other major unsecured creditors include the Kentucky Agricultural Development Fund, owed at least $351,500; Caudill Seed & Warehouse in Louisville, owed more than $85,000; Diversified Metals of Louisville, owed almost $415,000; Gibbs Diversified of Spartanburg, S.C., owed almost $1.5 million; Hemp Traders of Paramount, Calif., owed more than $404,000; and many others.”