Ozark businessman files pair of bankruptcies

An Ozark businessman filed two bankruptcy petitions late last month.

Jay Wacha filed for Chapter 11 bankruptcy reorganization for Print Group Inc., as well as Chapter 12 for Wacha Farms LLC, according to public records from the U.S. Bankruptcy Court for the Western District of Missouri

“The companies filed to initiate the processes of financial restructuring and reorganization,” Wacha said in an emailed statement to Springfield Business Journal. “Operations will continue in a normal course with no interruption of services to our valued customers and employees.”

Print Group, an Ozark-based commercial printer, listed assets of $1.2 million and liabilities of $3.6 million in the Feb. 27 petition, according to court records. Wacha Farms, which produces alfalfa and grass hay bales in Christian County, listed $649,316 in assets and $1.1 million in liabilities in its Feb. 20 bankruptcy petition. Chapter 11 proceedings allow businesses to reorganize and pay creditors over time, while Chapter 12 is for family farmers or fishermen who are seeking to adjust debt, according to USCourts.gov.

In both filings, Print Group and Wacha Farms list each other as creditors, as well as Wacha, among the debt owed in the bankruptcy cases. Print Group’s filing identified an unsecured claim of more than $320,000 to Simmons Bank, which provided guarantees for Wacha Farms. The petition for Wacha Farms lists payroll debt of $248,876 as an unsecured claim from creditor Print Group.

Print Group’s largest creditor with a claim secured by property is Simmons Bank. The banking company has more than $1 million in claims secured by furniture, fixtures, equipment, inventory and accounts receivable.

Wacha Farms’ largest creditor with a secured claim also is Simmons Bank, at more than $300,000 for farm equipment, according to the filing.

Combined, Print Group and Wacha Farms have more than 90 creditors.

Print Group, founded in 2002, conducts digital, large-format and flexographic printing, as well as mailing and creative services, digital storefronts, and grocery and retail printing, according to its website. SBJ previously reported its clients included Columbia College, the American College of Forensic Examiners Institute and Central States Industrial Equipment & Service Inc. Price Cutter and the Mansfield R-4 School District are among clients named on the company’s Facebook page.