WARNER ROBINS, Ga. -- Car dealer Eddie Wiggins said Wednesday that he has filed for Chapter 11 bankruptcy, but he hopes to reorganize with new investors and remain in business.
"Our plan is to be closed for New Year's Day and then be back open Friday with a skeleton crew," he said. "We hope to go before a judge either Monday or Tuesday and have our reorganization plan approved so we can keep trying to sell cars and keep our employees working."
Wiggins said he has 47 employees at his GMC, Buick and Pontiac dealership on Russell Parkway.
His financial woes are related to the poor economy that saw his sales drop off by about 50 percent in 2008, but Wiggins said he was forced to file for bankruptcy because he has not been paid about $140,000 in rebate and incentive money he is due from General Motors Corp.
"I don't owe GM anything, and I'm up to date with GMAC (the financing company for GM dealers). But I'm having to file and notify my creditors because of the cash flow problems from not receiving what GM owes me," he said.
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