Michael Rose, president of Mokena-based Location Finders International Inc., asked U.S. Bankruptcy Judge Carol Doyle to dismiss the chapter 11 case he initiated last month, saying in a court filing that he and U.S. Bank N.A. have negotiated a settlement that permits him to maintain control of his businesses, Crain’s Chicago Business reported today. Rose has just $33.6 million in assets, but owes the Minneapolis-based lender U.S. Bank $68 million, the largest share of his total debt load of $170 million, according to a court filing. Under the settlement, Rose will pay U.S. Bank about $11 million in cash and property between now and January 2017. In addition, he has agreed to relinquish real estate that the bank is trying to seize through foreclosure.
