Plant to repay Henry County $3.3 million
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By Staff Reports
Published: January 1, 2009
The Associated Press
MARTINSVILLE -- Ten years after it closed its plant outside Martinsville, an embroidery manufacturer has agreed to repay Henry County about $3.3 million.
According to the county, the settlement calls for 5B's to pay Henry County at least $25,000 each month, plus interest. The first installment is due this month.
The county filed suit in 2007 against 5B's parent company, Bee-Holding Inc., and members of the family that started the company.
The embroidery plant filed for bankruptcy in 1999, after the county's industrial development authority issued bonds to finance, build and equip its plant.
Money from the sale of 5B's building and machinery was used to pay off some of the debt.
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