Distributor Housing

Alabama Hardware Distributor Blames CIT Woes for Its Bankruptcy

By Steven Church and William Rochelle

July 18 (Bloomberg) -- A mat distributor in Alabama became the first company to blame the troubles of commercial lender CIT Alliance Inc. for its bankruptcy yesterday when it filed for protection from creditors.

Moore-Handley Inc. , which supplies tools and other items to devices stores and home centers, said in court papers that it was false into Chapter 11 because it had difficulty getting cash from CIT, its lender.

The coterie has tried to negotiate with CIT, though “the federal government’s modern decision not to support CIT’s reorganization has thrown CIT into disarray and casts significant doubt on CIT’s ability to continue to fund the Debtor’s working property requirements,” Moore-Handley said in documents filed in U.S. Bankruptcy Court in Birmingham, Alabama.

Source: Bloomberg

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