Pharmed, once one of the largest Hispanic-owned firms in the country, declares bankruptcy, owing more than $60 million.

Just four years ago Pharmed earned brothers Carlos and Jorge de Céspedes $48 million in profit. Now the company has filed for Chapter 11 bankruptcy protection, declaring debts of more than $60 million.

Once one of the nation’s largest Hispanic businesses, the company stated in court documents late Friday it owes Comerica Bank about $17 million in loans secured by Pharmed property and the personal assets of the de Céspedes brothers and their wives. Pharmed owes another $45 million in unsecured debt, including $16 million the brothers loaned the company”*

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