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WILSON, N.C. — A federal bankruptcy court judge last week approved the settlement on the AmerLink sales center, transferring it to the trustee for marketing.
Carroll representatives and the bankruptcy trustee working on behalf of AmerLink creditors ironed out a deal to end the 99-year lease between the county and the company.
Instead, the trustee will take possession of the log home models and try to find a new tenant with a compatible use for the farmers' market that will bring around 10 jobs and revenue to the county.
The trustee has a year to find a tenant for the facility. If he fails, then the property reverts to Carroll's ownership.
"The trustee is of the opinion that it would be in the best interest of the estate of the debtor to compromise... since further litigation would incur greater expense to the estate and the creditors," said the court order issued last week. "The settlement agreement resolves all issues currently pending before this court between the county and the debtor."
The order authorized the trustee to execute this portion of the settlement agreement.
The ruling did not mention the part of the agreement with AmerLink's sister company, Pro-Form, involving the 32 acres of land in the Carroll County Industrial Park.
This is similar to the sales center agreement — the trustee will have 20 months to market the property in order to repay Carroll about $700,000. If a buyer can't be found in the time allowed, the industrial property would return to county ownership.
Log home manufacturer AmerLink was supposed to create about 200 jobs in an economic development deal with Carroll County, but filed for bankruptcy in federal court instead.
Carroll County brought suit, trying to reclaim $600,000 in incentives and 32 acres of land in the industrial park and free the portion of the Southwest Virginia Farmers Market from a long-term lease from the company.