logoallthings.png

Peter Thomas’ Bar One Is Broke, Cynthia Bailey Lent Him Money To Keep Business Going

Peter

According to a new report, Real Housewives of Atlanta husband Peter Thomas’ bar filed for bankruptcy last year, stating he owed over 322k to various creditors. He filed for Chapter 11 bankruptcy claiming he has assets totaling 61k and liabilities totaling 322k. The bar also owed 118k in state taxes, 32k to the IRS, 60k to Peter Thomas for money he put into the business.

MediaTakeOut reports Cynthia Bailey loaned Peter 60k for the bar and he repaid her in late 2012. But then she gave him 40k a year later to help him again.

According to the court docs obtained by MTO, Thomas states that his restaurant is still open but he hasn’t paid all his bills for the month. He states he made only $1,500 in October 2013, but his expenses were close to 100k.

Then in September, the trustee filed docs asking for the Chapter 11 bankruptcy to be dismissed. The documents stated that Bar One, “is unable to pay its bills as they come due. Since the petition date, Debtor has accrued $61,817.55 in post-petition payables. Debtor’s post-petition, past-due payables include $17,339.09 owed to the Georgia Department of Revenue for Debtor’s tax obligations. Debtor has no apparent ability to generate sufficient cash flow post-petition, the Court is authorized to find that Debtor is experiencing a continuing loss to, the estate within the meaning of 11.”

The judge in the case then sided with the trustee and granted the motion to dismiss the bankruptcy. The case was closed in January. None of the bar’s debts were wiped clean.

Photo Credit: Bravo

AllThingsRH

AllThingsRH

My name is Nicki. I am 32 years-old and married to my best friend. I was previously in business for over 12 years, but I’ve always had a great passion for web and graphic design. Another one of my passions, of course, is to escape into the world of TV, which is where this journey began. My goal in starting AllThingsRH.com was to give fans, like myself, a place to catch up on all the latest news and gossip about The Real Housewives. I wanted to create a place where viewers could interact with each other, share their opinions, and get straight-forward and unbiased information about what’s going on. I am proud of the diversity this site has to offer.