FAYETTEVILLE – A loan company is suing a manufacturer of coal mine vehicles for allegedly failing to repay $1.5 million in loans.
Summitbridge National Investments IV LLC filed a lawsuit April 7 in Fayette Circuit Court against North American Rebuild Company Inc. and guarantors Timothy Grimmett and Mark Grimmett, alleging breach of contract.
According to the complaint, North American Rebuild Company borrowed a total of $1,455,504 in 2012 and 2013 from Branch Banking and Trust Co. to fund its business of manufacturing and refurbishing coal mine transport shuttles. The suit says the defendants missed the March 16, 2015 repayment deadline, after which Summitbridge, the bank’s assignee, demanded immediate repayment.
Summitbridge seeks recovery of the entire unpaid amount, plus interest accruing at the rate of $340 per day. It is represented by attorney Christopher P. Schueller and Timothy P. Palmer of the law firm of Buchanan Ingersoll and Rooney LLP in Pittsburgh.
Fayette Circuit Court Case number 16-C-93