Hunt Firm’s Debts Detailed in Court Filing
The debts of financially troubled Hunt International Resources exceed $175 million, according to documents filed in federal bankruptcy court.
Most of the debts listed by Hunt International, owned by Dallas brothers Nelson Bunker Hunt and W. Herbert Hunt, are held by three banks in Chicago, New York and St. Paul, Minn., according to the court papers.
The documents filed Monday do not list the debts of Hunt International’s principal subsidiaries, Great Western Sugar Co. and Offshore Investments Ltd. The larger firm’s debts would exceed $400 million if the two holdings were added to the list, according to previous testimony.
The largest debt--$81.7 million--is owed to First National Bank of Chicago, which also is a lender to Great Western and Offshore Investments.
Also Owes Bondholders
Hunt International owes another $32.2 million to investors in its 9.87% corporate bonds. A petition filed by bondholders prompted the company to file for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code in April.
Also among the listed Hunt International debts is $17.3 million owed the Internal Revenue Service for the tax years 1969 to the present, but the company disputes the IRS debt.
Hunt International lists assets of $35.7 million, $28.5 million of which the company holds in incorporated firms.
The assets include a $40.7-million interest in Planet Investment Corp., which is owned by nine Hunt family trusts, but is offset by a $27.4-million obligation to Great Western Sugar Co.
Great Western Sugar, which once operated more than a dozen refineries, filed for bankruptcy protection in March after its major lenders cut off the company’s funds.