Amazing Savings files for Chapter 11

By Jeff Pines

Washington, Jan. 13 - HIA Trading Associates, the parent of close-out retailers Amazing Savings and Odd-Job Trading, filed for Chapter 11 Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The South Plainfield, N.J.-based company estimates it has more than 1,000 creditors.

It listed its assets as $67.5 million and total liabilities at $90 million.

HIA Trading had a $56 million pre-petition credit agreement though it had only tapped about $20 million. On Jan. 4, the lenders served the company with a notice of default, which led to the company filing for Chapter 11.

Creditors will meet for an organizational meeting on Jan. 20.

The company's Chapter 11 case number is 05-10171.

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