Hanover Twp. co. defaults on loan
WILKES-BARRE - Penn Refrigeration, a 68-year-old family-owned business, defaulted on a $300,000 loan months after a mass layoff at the company, according to court documents filed today in Luzerne County Court.
PNC Bank entered a "confession of judgment" against the Hanover Twp. company and one of its executives, Albert Finarelli of Hunlock Creek, in a civil complaint. The complaint seeks payment of the loan, plus interest, late charges and attorney fees for a total of $338,900.
A confession of judgment allows the lender to immediately enter judgment against a borrower due to a default. In early November, when Penn Refrigeration laid off about 30 employees, co-owner Al Finarelli Jr. blamed the job cuts on a poor economy. It ceased manufacturing operations, too.