Bak USA, the tablet maker that abruptly closed in November, owes more than $39 million to its creditors – including $25.5 million to billionaire investor and former Sabres' owner B. Thomas Golisano. The company's recent filing for Chapter 7 bankruptcy liquidation shows Bak USA has $39.4 million in debts and just $147,000 in assets. Bak USA reported generating $6.76 million in revenue in 2017 and $6.8 million last year. "Very competitive world – were not able to extract the profit margins they needed to survive," Golisano said in an interview conducted before the bankruptcy filing. Creditors could attempt to claw back a $40,000 loan repayment made to Ulla Bak last June, because it came within 12 months of the bankruptcy filing, Baumeister said.

Source: Ethiopian News April 11, 2019 17:03 UTC