Stoner and Co. files Chapter 11

Fort Collins-based Stoner and Co. has filed for Chapter 11 reorganization, according to state bankruptcy court documents.

Estimated assets of Stoner and Co., as listed in the bankruptcy filing, are in the $10 million to $50 million range, and liabilities are listed in the $100,000 to $500,000 range.

The filing was made Jan. 10 and is currently awaiting a meeting of creditors.

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The move was an effort by the company to protect its assets, according to owner Jay Stoner, the developer behind the Nine Bridges project.

“Stoner and Co. has decided to file Chapter 11 to protect Nine Bridges from any further foreclosure processes,” Stoner said.

Stoner is currently in the process of securing an investor for his project, and said that the Chapter 11 filing would allow him to hold off foreclosure until he closes the deal with his investor, something that he anticipates will happen before the end of March.

Stoner could not provide the name of his investor.

“My intent is to take care of all debts and this option allows me to do that,” Stoner said.

To read more about the Nine Bridges project, see http://www.ncbr.com/article/20111202/EDITION/111209976.