Thai Express files for Chapter 11 bankruptcy

Thai Express has filed for Chapter 11 bankruptcy protection less than a month after its owner entered Chapter 7 proceedings.

Thai Express Inc.'s Feb. 25 filing lists estimated assets of $50,001 to $100,000 against estimated liabilities of $100,001 to $500,000, according to court documents with the U.S. Bankruptcy Court for the Western District of Missouri. The filing estimates up to 49 creditors.

In a separate document, Thai Express listed its top creditors, including First Internet Bank of Indiana, with an unsecured claim of $113,741, Springfield Grocer Co., at $63,528, and Bell Tower Funding, at $51,133.

Chapter 11 provides for a reorganization in which creditors are typically paid back over time as the business stays open, according to USCourts.gov. The government website indicates individuals and businesses may eliminate unsecured debts by liquidating nonexempt assets through the Chapter 7 bankruptcy process. 

In a Feb. 27 post on Thai Express' Facebook page, owner Patrick Netthongkome Jr., also known as Patrick Nett, announced the Chapter 11 bankruptcy filing. 

"For those unaware, Chapter 11 allows us to reorganize debt and continue to operate," Nett said in the post. "It is not liquidation, and we have no plans of closing anytime soon."

In a separate post on Feb. 27, Thai Express announced it was back open for business. The restaurant had been temporarily closed over "a private conflict," according to past reporting. 

Nett on Feb. 6 filed for Chapter 7 bankruptcy. Creditors include J&L Investments LLC, Springfield Grocer Co., LVNV Funding, and Chad and Julie Schuchmann, all of which previously filed lawsuits against Nett, according to past reporting.