Friday, January 27, 2012

J.M Products CEO Files Chapter 7 Bankruptcy

Thelma Joshua, widow of the founder of J.M. Products, an ethnic hair care products maker, has declared Chapter 7 bankruptcy after being unable to cover a $5 million loan to the company that she personally guaranteed. Arkansas Business has reported that Ms Joshua reported $768,000 in assets and $5.74 million in debts. Ms Joshua, who was CEO of the company, had guaranteed a $5 million loan from Bank of America.
The company collapsed in 2009 after defaulting on a $9 million loan made in 2007. The company was unable to reorganize and emerge from bankruptcy and the firm was liquidated, according to reports on www.therepublic.com.
Ernest Joshua Sr., who died in 2005, founded J.M. Products in the early 1970s and was later named to the University of Arkansas Business Hall of Fame.
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