Local tire business files for Chapter 11 protection

First Financial Bank recently won a judgment of nearly $1.25 million against Tires Unlimited, according to Montgomery County Common Pleas Court records.

The company’s bankruptcy attorney, Ira H. Thomsen, couldn’t immediately be reached for comment Monday morning.

Chapter 11 protection frees a company from the threat of creditors’ lawsuits while it reorganizes its finances. The debtor’s reorganization plan must be accepted by a majority of its creditors. Unless the court rules otherwise, the debtor remains in control of the business and its assets.