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    Christy's of Cape Cod Files for Bankruptcy

    Chapter 7 bankruptcy prompted by as much as $10 million in debt.

    BOSTON -- Christy's of Cape Cod LLC has filed for bankruptcy protection due to falling into as much as $10 million in debt, reported the Associated Press. Court filings show that the company has debts and assets between $1 million and $10 million.

    The company faced a number of financial difficulties in recent years and closed its last two locations in 2010 after selling 11 of 13 sites to Hess, as CSNews Online previously reported.

    Christy Mihos filed for Chapter 7 bankruptcy protection on behalf of the company. This requires a court-appointed trustee to liquidate its assets in order to pay back creditors before the company can be discharged from most debts, according to the report. A preliminary list of creditors includes CITGO Petroleum Corp., Hubbard Oil Co., a number of lawyers and other entities according to the Boston Herald.

    Mihos is noted for unsuccessfully running for governor of Massachusetts twice. First, as an independent in 2006 and then as a Republican in 2010.

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