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Deal says he won't file for bankruptcy
GOP candidate for governor says he will repay $2.3 million loan from family's failed business
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About this story

This story is provided by the Georgia Newspaper Partnership, a group of 13 daily newspapers, including The Times, that has joined to provide comprehensive coverage of the fall election. Besides The Times, partner newspapers include Athens Banner-Herald, The Atlanta Journal-Constitution, The Augusta Chronicle, Chattanooga Times Free-Press, (Columbus) Ledger-Enquirer, The (Dalton) Daily Citizen, The Georgia Times-Union, The (Macon) Telegraph, Rome News-Tribune, Savannah Morning News, Statesboro Herald and The Valdosta Daily Times.

 

Republican gubernatorial hopeful Nathan Deal said earlier today that “I’m not about to file bankruptcy” despite a looming $2.3 million business loan coming due in February.

Deal, speaking to reporters at his Buckhead campaign headquarters, said “I’m going to make sure our obligations are met.”

The Atlanta Journal-Constitution reported Wednesday that Deal and his wife invested about $2 million in a retail venture by their daughter and son-in-law, a business that ultimately failed in the troubled economy. Deal lost his entire stake when the business failed, after he guaranteed a series of bank loans to the business as its debt doubled and then quadrupled.

An analysis of Deal’s assets by the AJC found that he might not be able to repay the loan. His home in Gainesville is for sale. Other property he owns in the area was listed as collateral for the loans.

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