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Show Amalgamated Industries files i for bankruptcy under Chap.l 1 Amalgamated Industries, Inc., doing business as Superior Tire Service, Utah-Colorado LP Gas and H.S. Sowards & Sons, has filed for bankruptcy for relief under Chapter 11 of Title 11 in the United States Bankruptcy Court. The petition is dated April 30 and a meeting of creditors pursuant to 11 USC No. 341 and Bankruptcy Interim Rule 2009 will be held with the court on June 10. According to the company's attorney, David E. Leta, Amalgamated elected to file for bankruptcy for the following reasons: The desire to consolidate all pending litigation in a single forum and stay the commencement or continuation of efforts to collect claims against the company. To terminate efforts by some creditors to perfect liens and security interests against the company . The third reason is to involve unsecured creditors in the company's reorganization efforts. While the bankruptcy filing may delay payments to creditors and increase administrative expenses somewhat, the company hopes to minimize these problems by continuing to cooperate with creditors and resolve problems by negotiation. The company hopes that its creditors will extend it the same cooperation in return, states Leta. The last day for creditors to file a claim not already filed in Oct. 30, according to U.S. Bankruptcy Judge Ralph Mabey. |