R&R Family of Cos. CEO Rich Francis files for Chapter 11 bankruptcy
R&R Family of Cos. CEO Rich Francis has filed for personal Chapter 11 bankruptcy, reporting an estimated $10 million to $50 million in both assets and liabilities. The post R&R Family of Cos. CEO Rich Francis files for Chapter 11 bankruptcy appeared first on FreightWaves .
Rich Francis, the CEO of the now-defunct R&R Family of Cos., has filed for Chapter 11 bankruptcy protection in Florida, adding complexity to the ongoing legal and financial turmoil surrounding the logistics company. The filing, which took place on September 22 in the U.S. Bankruptcy Court for the Middle District of Florida, estimated Francis' assets and liabilities to be between $10 million and $50 million, with between one and 49 creditors.
The bankruptcy is a personal matter, not involving R&R Express, RFX, or other R&R-affiliated companies. Many questions about Francis' finances and their link to R&R's demise remain unresolved. The bankruptcy proceedings are also tied to a lawsuit between Francis and Huntington National Bank over financial issues arising from R&R's collapse.
A court has placed this lawsuit on hold due to the bankruptcy protection. The bankruptcy court has set an initial status conference for October 21 and a meeting of creditors for October 27, where Francis will be called to testify and may face questioning under oath. R&R's operations started to wind down in January, leaving many employees jobless and financial institutions seeking unpaid invoices.
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