Regions Bank claims company failed to repay loan

By The Madison County Record | May 6, 2014

A bank has filed suit against the company it claims failed to repay a loan of more than $100,000.

Regions Bank filed suit April 23 in the Madison County Circuit Court against Petrel Group LTD and Winston Wallace.

According to the complaint, defendant Petrel Group borrowed $149,471.25 from the plaintiff Aug. 8, 2008. However, it has failed to fully repay the loan, according to the complaint. As of March 4, 2014, the principal amount remaining due under the note was $116,614.70, plus interest of $5,225.79 and late fees of $5,864.62, for a total amount of $127,705.11, the suit states.

In addition to Petrel Group, Winston Wallace is named as a defendant. He guaranteed repayment of the money, but has failed to make the required payments, according to the complaint.

In addition to the money it claims it is owed, Regions Bank is seeking interest at the rate of $21.86 per day, plus attorney’s fees, costs and other relief the court deems just. Regions Bank will be represented by Deborah J. Volmert of Hanna and Volmert in Belleville.

Madison County Circuit Court case number 14-L-614.

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