A suburban Chicago company known for buying foreclosed homes, fixing them up and renting them out now finds itself in financial trouble.
Tinley Park-based Mack Industries sought protection from creditors Friday in U.S. Bankruptcy Court in the Northern District of Illinois. Its Chapter 11 filing lists assets in the range of $1 million to $10 million, and liabilities of $10 million to $50 million.
Because Mack is continuing to operate as it reorganizes in bankruptcy, there should be minimal impact on existing tenants, said Eric Zelazny, an attorney who is representing the company.
Mack's business model in the wake of the Great Recession was to buy homes in affordable,...