Louisville Processing & Cold Storage Inc. and Riverport Holding LLC have filed for chapter 11 bankruptcy protection with the U.S. District Court of Western District of Kentucky, Louisville Business First reported. Louisville Processing & Cold Storage Inc., led by President David Phillips, offers one-stop U.S. Department of Agriculture processing and cold storage services, according to its LinkedIn page. Phillips also is listed as the president of Riverport Holding, the company that owns the warehouse facility at 8001 Cane Run Road, which is valued at $3.2 million, according to the bankruptcy filing. The property is the limited liability company's only asset, and it has liabilities totaling $5.2 million. Riverport Holding's creditors include Commonwealth Roofing Corp. ($27,356, mechanics lien), George Michaels ($544,310), GOF Finance ($1.2 million, disputed), andRepublic Bank & Trust Co. ($3.4 million). It also owes $66,500 in 2021 property taxes, the document states. Both Louisville Processing & Cold Storage and Riverport Holding, along with a third limited liability company, Bull Lick Ranch, are the defendants in another lawsuit filed by Republic Bank & Trust Co. in Jefferson Circuit Court in 2020. Phillips, board chair Karen Nicholson and Michaels are listed as defendants. According to the 61-page complaint, Riverport got a loan from Republic for nearly $2.9 million in November 2018. Riverport signed a promissory note, which is an agreement to pay back the loan, and used a mortgage on the Cane Run Road property as collateral. Riverport originally purchased the property in 2012 for $2.6 million, according to Jefferson County Property Administrator's records. Republic claims it is owned the full loan amount, plus more than $150,000 in interest, late charges and other fees. The lawsuit is ongoing.
