Former longtime Wayzata-resident and car dealer Denny Hecker filed for Chapter 7 bankruptcy. Hecker lists assets of between $50 million and $100 million, and liabilities of between $500 million and $1 billion, according to Forbes.com. He owes more than $500 million to creditors. Hecker has been forced to close 25 of his 26 dealerships.
For more information, see these Web sites:
- Forbes.com: Minn. auto magnate files for personal bankruptcy
- Pioneer Press: Hecker says he was forced into Chapter 7 filing
- MinnPost: Hecker's Chapter 7, expensive freeway signs, road closures
- Star Tribune: Denny Hecker files for Chapter 7 bankruptcy