BAY CITY, Mich. — Two companies that own or operate dams that failed in the Midland area have filed for Chapter 11 bankruptcy protection, which would allow them to reorganize their finances.
Boyce Hydro and Boyce Hydro Power owe at least $6.1 million for a series of loans through Chicago-based Byline Bank, according to a filing in U.S. Bankruptcy Court in Bay City.
They also owe emergency contractors.
The Edenville dam failed during a steady rain in May, draining Wixom Lake and unleashing the Tittabawassee River.
The river then overwhelmed the Sanford dam, about 140 miles north of Detroit.
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