SAN DIEGO — Four Winds Enterprises, which late last week was acquired by a Portland, Ore.-based management consulting firm, on Tuesday placed its domestic moving businesses under the protection of Chapter 11 federal bankruptcy proceedings.
In the voluntary filing with U.S. Bankruptcy Court in San Diego, Four Winds' domestic subsidiaries listed $23 million in assets and $97 million in liabilities. However, the company's main international freight-forwarding business, which generated the bulk of Four Winds' $80 million in 1986 revenue, was not included in the bankruptcy proceedings, according to an attorney who is representing the San Diego-based company.
The filing was "a necessary move on our part to continue the reorganization process" at Four Winds, according to Jerome Rose, president of privately held Coast Financial Group, who last week became chairman of Four Winds. Rose expects the filing "will enable us to arrange for new financing so that we can continue restructuring" Four Winds' international freight-forwarding business.
In an interesting twist, NFC International Holdings, the company that in June walked away from a previous agreement to acquire Four Winds, accounts for a hefty portion of Four Winds' liabilities.