Owes creditors more than $5.1 million
LEXINGTON, Ky. (May 22, 2014) — Meridian-Chiles, an advertising and public relations firm in Lexington, closed its offices Tuesday and filed for Chapter 7 bankruptcy protection.
The company owes creditors more than $5.1 million and has assets of about $675,000, according to the petition filed in the U.S. Bankruptcy Court’s Eastern District of Kentucky under the name of Jordan-Chiles Inc.
Its largest debt — more than $2.5 million — is owed to Central Bank & Trust Co. Multiple media outlets in Kentucky also are among its creditors, including WKYT ($262,000), IMG ($252,000), and WLEX ($224,000).
Meridian-Chiles was formed in 1988 by Larry Chiles and Jim Jordan, but Chiles bought Jordan’s stake in the company in 2006. It merged with Meridian Communications in 2012.